August 31, 2009
China soy prices stable; output suspended on low supply
Soy prices in China's major producing areas were mostly stable in the week to Friday (Aug 28) as more processors suspended production due to limited supply.
Soy prices in Harbin city in Heilongjiang, a key growing province, were between RMB3,680-RMB3,780 a tonne, little changed from a week earlier.
In Jiamusi, also in Heilongjiang province, prices were around RMB3,480/tonne compared with RMB3,440-RMB3,480/tonne.
Little was sold during the government's weekly soy auctions and processors were waiting for government subsidies as auction prices were too high to make a profit.
Soyoil prices were mixed as futures consolidated without much guidance. Trading was light as traders stayed on the sidelines.
First-grade soyoil prices in southern Guangzhou city were at RMB7,480-RMB7,700/tonne versus RMB7,400-RMB7,650/tonne a week ago. In northern Jilin province, they were at RMB7,260-RMB7,550/tonne versus RMB7,200-RMB7,300/tonne.
Soymeal prices were higher on expected better feedmeal demand later this year.
Wholesale pork prices have risen 15 percent so far since late May, while retail prices of eggs were up 3.7 percent since mid July, according to data from the Ministry of Commerce.
Soymeal prices were at RMB3,430-RMB3,500/tonne in Linyi in Shandong province, up from RMB3,360/tonne a week earlier. They were around RMB3,410/tonne in Harbin, up from RMB3,390/tonne.
US$1 = RMB6.83210 (Aug 31)
