November 2, 2011
Northeast China's Heilongjiang province has seen slim soy trading recently as farmers and oil crushers generally hold a wait-and-see attitude, according to reports on Tuesday (Nov 1).
Currently, farmers are optimistic about soy prices which are supported by a sharp decline in output this year. With corn prices rising, the government may lift the minimum purchase price for soy in an effort to stabilise soy production for next year.
Meanwhile, soyoil processing mills are not active in purchasing due to decline in soy prices both at home and abroad.
Helongjiang is the country's biggest soy production base, yielding about 40% of the nation's total soy output. It produced 5.85 million tonnes of soy in 2010, down 70,000 tonnes or 1.2% from the previous year.