July 3, 2007

China soy crushers book fewer cargoes recently
 

Chinese soybean crushers booked five to six cargoes of soybean in the international market last week compared with seven to nine cargoes the preceding week, due to rising soybean prices, commodities analysis firm JCI Shanghai said in a report Monday (Jul 2).

Soybean prices are rising on the back of a sharp reduction in US soybean acreage this year, as growers plant more corn.

JCI Shanghai added that all the shipments booked last week were of either Argentine or US origin, and meant to be delivered to China in August.

At present, Argentine soybean delivered to China is being offered at a premium of 126-138 US cents/bushel to the Chicago Board of Trade September contract, while US soybean is being offered at 124-135 cents/bushel to the CBOT September contract.

Comparative premiums from the preceding week were not available.