Soy prices in China hold steady

Soy prices in major producing areas of China were mostly stable in the week to Friday (Apr 16), with trading light as snowfall curbed transportation.

 

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.

 

Soy processors were only running part of their capacity, while traders were more willing to purchase the crop for direct consumption.

 

Farmers were more willing to sell their crops as spring planting is nearing and they need to prepare for it, said the Chinese Oilseed Network.

 

China is likely to see its highest-ever monthly soy imports in May and June of around five million tonnes, said the China National Grain and Oils Information Centre in a report, citing its monitoring results.

 

Although the report did not provide a reason for the record-high estimates, it could be due to higher oilseeds demand after China earlier this month issued a stricter quality check and approval process for soyoil imports from Argentina, the country's biggest soyoil provider.

 

Soyoil prices started off higher but gave back some of the gains later as traders were less willing to purchase due to mild demand amid ample supply.

 

Fourth grade soyoil prices in Heilongjiang province were at RMB7,650-RMB7,700/tonne (US$1,121-US$1,128), unchanged from a week ago.

Fourth grade soyoil prices in Shangdong province were at RMB7,300-RMB7,350/tonne (US$1070-US$1077)), little changed.

 

Soymeal prices were mostly higher.

 

Soymeal prices in Harbin were unchanged around RMB3,150/tonne (US$462). They were at RMB3,010-RMB3,050/tonne (US$441-US$447) in Rizhao, compared with RMB2,980-RMB3,000/tonne (US$437-US$440) the previous week.