July 13, 2007

 

China soybean prices lower amid ample supply; Soyoil higher
 

 

Soybean prices in China's major producing regions were slightly lower in the week to Friday (Jul 13) amid ample supply.

 

In Harbin, the capital of Heilongjiang province, China's largest soybean-growing region, prices of average quality soybeans were at RMB3,000-3,020/tonne, lower than RMB3,020-3,040/tonne a week earlier.

 

Prices in Jiamusi city in the north-eastern part of the province were between RMB2,900-2,920/tonne, compared with RMB2,900-2,960/tonne a week earlier.

 

Buyers stayed on the sidelines on rising international soybean prices and sufficient imports, said China National Grain and Oils Information Centre (CNGOIC) in its weekly note.

 

But traders said the fall could be limited as processing plants need more supply before the soybean harvest in September.

 

Soyoil prices were higher as palm oil futures in Malaysia and soyoil futures at CBOT continued to rise.

 

In Shandong province, fourth-grade soyoil prices were at RMB8,000-8,200/tonne, higher than RMB7,900-8,000/tonne in the previous week.

 

In southern Guangdong province, fourth-grade soyoil prices registered RMB7,850-8,000/tonne, compared with RMB7,850/tonne last week.

 

In the eastern city of Dalian, fourth-grade soyoil prices were near RMB8,100/tonne, compared with RMB8,000-8,100/tonne a week earlier.

 

Soyoil prices would likely increase further on rising import prices, said CNGOIC.

 

Soymeal prices were mostly stable, supported by the rising prices at Chicago Board of Trade, despite sluggish demand from the feed milling sector.

 

But prices are under pressure amid ample supply, said website alibaba.com, an agricultural information provider.

 

In Jiangsu province, prices of average-protein soymeal were at RMB2,380-2,470/tonne, compared with RMB2,400-2,450/tonne a week earlier.

 

In Guangdong province, prices of average-protein soymeal were at RMB2,340-2,480/tonne, compared with RMB2,340-2,450/tonne the previous week.