October 25, 2010

China's Heilongjiang completes soy harvest

China's key agricultural producing province of Heilongjiang has completed this year's soy harvest with more than eight million tonnes, the state-backed China National Grain and Oil Information Centre (CNGOIC) said Friday (Oct 22).

Farmers are hoping to secure sale prices of RMB3,800 (US$571)/tonne, citing higher production costs and a global agricultural market rally, it said.

The price cited is the same as market speculation of the likely state minimum purchase price for soy to be set from November 1, which would be RMB60 (US$9)/tonne higher than last year.

Recent soyoil and soymeal price increases have maintained robust soy crushing margins, with profit margins of about RMB248 (US$37)/tonne, it said.