May 5, 2008

Guangdong soy import prices rises to US$643 per tonne
 

Soybean import prices in the southern Chinese province of Guangdong exceeded US$600 per tonne and surged to US$ 642.9 per ton in March, a new high.

The figure is a 90.7-percent rise on-year and a 9.7 percent rise on-month, according to the Guangdong Sub-administration of China Customs.

In the first quarter of 2008, the province had a total import of 704,000 tonnes soy with a 15.6 percent drop on-year and it was worth US$ 420 million, a 55.1 percent rise. The province saw an average soy import price of US$ 596.2 per tonne, soaring 83.7 percent.

Higher soy prices in world markets are driven by both China's huge demand and international speculations.

China imported 30 million tonne of soy last year.