July 2, 2007

 

China soybean prices down on CBOT decline; soyoil prices fall
 

 

Soybean prices in China's major producing regions were lower in the week to Friday on tumbling soybean futures prices at Chicago Board of Trade (CBOT).

 

In Harbin, the capital of Heilongjiang province, China's largest soybean growing region, prices of average quality soybeans were at RMB2,900- RMB3,040 per tonne, down from RMB3,040-RMB3,080 a week earlier.

 

Prices in Jiamusi City in the northeastern part of the province were between RMB2,860- RMB2,960 per tonne, mostly lower than RMB2,960 per tonne a week earlier.

 

Domestic soybean purchasers stayed on the sidelines, said China National Grain and Oils Information Centre in its weekly report.

 

Imported soybean stocks at Chinese ports are at high levels and falling soyoil and soymeal prices curbed demand for soybeans, it said.

 

Soy oil prices fell on declining palm oil futures prices in Malaysia and soy oil futures prices at CBOT.

 

In Shandong province, fourth-grade soy oil prices were at RMB7,700-RMB7,900/tonne, compared with RMB7,850-RMB7,950/tonne in the previous week.

 

In southern Guangdong province, fourth-grade soy oil was at RMB7,650-RMB7,850/tonne, down from RMB7,900-RMB7,950/tonne.

 

In the eastern city of Dalian, fourth-grade soy oil was at RMB7,900-RMB8,100/tonne, lower than RMB8,100-RMB8,300/tonne a week earlier.

 

Demand for soy oil is sluggish due to steady supply, said traders.

 

Soymeal prices were also lower on high level of stocks and sluggish demand from the feed meal sector.

 

In Jiangsu province, prices of average-protein soymeal were at RMB2,260-RMB2,280/tonne, compared to RMB2,280-RMB2,380/tonne a week earlier.

 

In Guangdong province, prices of average-protein soymeal were at RMB2,250-RMB2,280/tonne, lower than RMB2,280-RMB2,360/tonne a week earlier.