November 16, 2007

China soy prices escalate by 25.5 percent

China's average soybean sales price rose by RMB32 year-on-year in China's major production areas, a 25.5-percent growth rate.

The National Development and Reform Commission reported that the total cost in China's major production areas was RMB4,213.05/ha.

Due to a sharp drop in the unit output, soybean costs surge by RMB31.75/50kgyear-on-year to RMB132.07/50kg in 2007, with growth rate of 31.7 percent.

US$1 = RMB7.42 (as of November 16,2007)