November 30, 2010

China's soy prices up in October

China's average spot soy prices in October increased about 8% from the previous month's levels, the Ministry of Agriculture said Monday (Nov 29).

The average soy purchase price in Heilongjiang, a major producing province, was RMB3,800 (US$570) per tonne, up 7.9% from September, the ministry said.

Soy prices in Shandong, where many Chinese crushers are based in, averaged RMB4,000 (US$600)/tonne, up 7.1%. Prices for imported soy also stood at RMB4,000/tonne, up 7.9%.

Cotton prices in October averaged RMB24,701 (US$3709)/tonne, up 27.8%, the ministry said.

October corn prices in production areas such as northeastern and northern China averaged RMB1,920 (US$288)/tonne, down 1.16%, while in distribution areas the average was down 1.22% at RMB2,160 (US$324)/tonne.

The average price for imported corn was about RMB2,300 (US$345)/tonne, the ministry said, without giving comparative figures.

Sugar prices rose 8.9% to an average of RMB6,253 (US$939)/tonne in October, while the average settlement price of the benchmark sugar futures contract traded on the Zhengzhou Commodities Exchange was up 13.6% to RMB6,390 (US$959)/tonne.

Imported sugar averaged RMB8,269 (US$1,295)/tonne in October, up 15.5% from September, the ministry said.