China soy prices flat amid low demand

Soy prices in major producing areas of China were mostly unchanged in the week to Friday (Apr 9), with trading remaining light.

Prices in Jiamusi, Heilongjiang province, were around RMB3,640-RMB3,740 a  tonne, unchanged from a week ago. Prices were at RMB3,700-RMB3,760/tonne in Suihua in the same province, also stable.

Traders were not eager to purchase the crop, while processors have not started to buy in big volume, said analysts.

Soyoil prices were higher on expectations that soyoil imports will decline due to the government's restrictions on imports from major provider Argentina.

Fourth grade soyoil prices in Heilongjiang province were at RMB7,650-RMB7,700/tonne, up RMB150-RMB200 from a week ago. Fourth grade soyoil prices around the Bohai region were at RMB7,300-RMB7,350/tonne, up RMB150-RMB200 from a week earlier.

Chinese buyers have been cancelling or delaying soyoil imports from Argentina. Earlier, they booked 200,000-250,000 tonnes of soyoil per month during May-September, said the China National Grain and Oils Information Centre in a note.

Soymeal prices consolidated. While rising soyoil prices provided some support to soymeal prices, feedmeal demand has not improved significantly.

Soymeal prices in Harbin were around RMB3,150/tonne compared with RMB3,050-RMB3,100/tonne. They were at RMB2,980-RMB3,000/tonne in Rizhao compared with RMB3,020-RMB3,050/tonne.