May 18, 2007

 

China soybean prices stable; soymeal up on higher pork prices

 

 

Soybean prices in China's major producing regions were largely stable in the week to Friday, but soymeal and soyoil prices were higher.

 

In Heilongjiang province, China's largest soybean growing region, prices of average quality soybeans were at RMB2,740-2,900/tonne, unchanged from a week ago.

 

Stocks of imported soybeans are sufficient and demand was moderately reduced, according to a report from China National Grain and Oils Information Centre issued Friday.

 

Soyoil prices recovered from a fall last week on rising imported prices, despite ample supply.

 

Higher global soyoil prices were supported by strong palm oil prices, said traders.

 

But there is still room for further rise as demand will be increasing due to concerns of higher soyoil prices, said CNGOIC.

 

In north-east Dalian city, Liaoning province, prices of fourth-grade soyoil were at RMB7,400-7,600/tonne, up from RMB7,350-7,450/tonne a week ago.

 

In Shandong province, prices of fourth-grade soyoil were at RMB7,300-7,650/tonne, higher than RMB7,200-7,300/tonne in the previous week.

 

In southern Guangdong province, prices of fourth-grade soyoil were at RMB7,250-7,600/tonne, higher than RMB7,150-7,250/tonne a week ago.

 

Soymeal prices were also higher, supported by rising pork prices as soymeal is used as animal feed.

 

In Jiangsu province, prices of average-protein soymeal were RMB2,300-2,400/tonne, higher than RMB2,280-2,300/tonne a week earlier.

 

In Guangdong province, prices of average-protein soymeal were RMB2,300-2,370/tonne, compared with RMB2,250-2,280/tonne a week ago.