May 3 2010

Soy prices in major producing areas of China were lower in the week to Friday (Apr 30), with snowfall and rain affecting trading.

Prices in Jiamusi in Heilongjiang province were RMB20 (US$2.9) lower from RMB3,600-RMB3,740 (US$527-US$548) a tonne a week ago. Prices in Suihua in the same province were also RMB20 lower than RMB3,640-RMB3,760/tonne (US$533-US$551) a week earlier.

Processors were not active in production due to low profits, while traders were on the sidelines as government's purchases are nearing an end, said Chinese Grain Network in its note.

Tight transportation also curbed traders' interest in purchases.

Soyoil prices were higher at the start of the week, but lower later as the market was cautious about the supply pressure from high soy imports in the near term, said China National Grain and Oils Information Centre.

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

Fourth-grade soyoil prices in Shandong province were RMB7,350-RMB7,400/tonne (US$1,077-US$1,084), slightly higher than RMB7,300-7,350/tonne (US$1,070-US$1,077).

Soymeal prices were mostly slightly higher as hog's feedmeal demand recovered due to the government's supportive policy of frozen pork purchases.

Soymeal prices in Dalian were RMB3,070-RMB3,090/tonne (US$450-US$453), up from RMB3,070/tonne a week ago. They were RMB3,050-RMB3,070/tonne (US$447-US$450) in Guangdong province compared with RMB3,020-RMB3,050/tonne (US$442-US$447) a week ago.