June 18, 2007 

 

China soybean prices up on falling supply; soyoil prices down

 

 

Soybean prices in China's major producing regions were higher in the week to Friday (Jun 15) on declining supplies.

 

In Harbin, the capital of Heilongjiang province, China's largest soybean growing region, prices of average quality soybeans were at RMB3,000-3,040 a tonne, higher than RMB2,980-3,010/tonne a week earlier.

 

Prices in the north-eastern part of the province's Jiamusi city were around RMB2,960/tonne, compared with RMB2,920/tonne-2,940/tonne a week earlier.

 

Traders expected soybean prices to rise further to RMB3,100-3,200/tonne before the harvest season starts in September.

 

Soy oil prices fell due to the slump in palm oil prices and soy oil futures at Chicago Board of Trade.

 

Traders were eager to sell as the supply is ample, said China National Grain and Oils Information Centre in its report issued Friday.

 

China imported 1.05 million tonnes of soyoil in the first five months of this year, up 50 percent from a year earlier, the General Administration of Customs said Friday.

 

It imported 260,000 tonnes of soyoil in May alone, almost 16 times the amount it imported during the same period last year.

 

In Shandong province, fourth-grade soyoil prices were at RMB7,950-8,100/tonne, down from RMB8,100-8,150/tonne in the previous week.

 

In southern Guangdong province, fourth-grade soyoil was at RMB8,000-8,150/tonne, down from RMB8,100-8,200/tonne.

 

Soymeal prices were stable, supported by falling soyoil prices and the pickup of demand from the feed meal sector.

 

In Jiangsu province, prices of average-protein soymeal were at RMB2,300-2,350/tonne, compared to RMB2,280-2,380/tonne a week earlier.

 

In Guangdong province, prices of average-protein soymeal were at RMB2,300-RMB2,360/tonne compared to RMB2,250-2,350/tonne a week earlier.