August 22, 2008

 

Guangdong soy import price hits new high
    

 

The import price of soy at China's southern Guangdong port hit a new high of USD 636.1 a tonne in July, according to the local customs.

 

The import price of soy via the port surpassed US$ 500 a tonne in December 2007, which grew to US$ 635.4 a tonne until April.

 

Analysts attributed it to short supplies of soy in the world market and reduction of soy output and rising prices of crude oil in China.

 

In the first seven months of this year, the import price of soy via Guangdong port has grown nearly 80 percent.

 

Soy import prices are expected to fall due to a strong soy harvest this year and easing crude oil price in the world market.

 

The import volume of soy in the nation this year is forecasted to grow to 33 million tonnes.

 

China's net import dependence on soy would reach 71 percent based on a domestic demand of 47.07 million tonnes, the National Grain & Oils Information Centre said.

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