September 29, 2008
China soy imports to pick up as demand improves
According to a survey, China's soy imports are seen picking up in the coming weeks as demand for soymeal and soyoil has improved.
More crushers were inquiring about prices and buying soy following the rise of domestic soyoil and meal prices this week, according to the survey by the official China National Grain and Oils Information Centre.
Soyoil demand was expected to improve in coming weeks as refineries would use more of the edible oil in cooking oil production, replacing palmoil as the weather gets cooler. Soyoil stocks were also shrinking.
But supplies were still ample, which would prevent domestic prices from rising much. And feed mills with low stocks would step up purchases in coming weeks to build up inventories.
|
|
24-Sep |
17-Sep |
10-Sep |
|
Soy |
49.4 |
44.4 |
46.3 |
|
Soymeal |
54 |
47.5 |
46.5 |
|
Soyoil |
46.7 |
43.3 |
45 |
|
Corn |
45.9 |
46.8 |
49.5 |
|
Wheat |
57.1 |
53.3 |
53.3 |
A reading below 50 indicates participants are bearish, a reading of 50 indicates they are neutral and a reading above 50 indicates they are bullish.
