June 23, 2008

Soy import prices skyrocket by 80 percent in China's Guangdong

China's Guangdong province reports that in the first five months of 2008, the average import price of soy soared by 80.5 percent to US$598.6 per tonne.

The province's import volume dropped by almost 20 percent on-year, yet the import value surged by 44.5 percent to US$740 million, Guangzhou Customs said on June 18.

The customs blamed the price hike on global grain crisis, supply shortage and declining stocks.

China mainly imports soy from the US and Argentina.