April 5, 2010

Soy prices in major producing areas of China were mostly steady in the week to Friday (Apr 2) as trading was very light due to farmers' reluctance to sell.

Soy prices in Jiamusi, Heilongjiang province, were around RMB3,640-RMB3,740 (US$533-US$548) a tonne, unchanged from a week ago. Prices were at RMB3,700-RMB3,760/tonne (US$542-US$551) in Suihua in the same province, also stable.

Traders found it difficult to attract volume as most farmers were unwilling to sell their crops due to the prevailing low prices. But as spring planting nears, some farmers began selling more actively, according to analysts.

Soymeal prices were mixed. With the hog breeding industry generally experiencing a loss in profits due to hog diseases, demand for soymeal as feedmeal is sluggish, pressuring soymeal prices, said the China National Grain and Oils Information Centre in a note.

Soymeal prices in Harbin were at RMB3,050-RMB3,100/tonne (US$447-US$454) compared with RMB3,100/tonne.

They were at RMB3,020-RMB3,050/tonne (US$442-US$447) in Rizhao compared with RMB3,050/tonne.