November 10, 2008

         
China's provinces see increases in grain prices

Prices of agricultural products in major grains production provinces in China grew, thanks to news that the nation plans to increase the lowest purchasing price in 2009.

Price of soy in Northeast China's Heilongjiang jumped to more than RMB3.6 per kg from RMB3.2 per kg, following news that China Grain Reserves Corporation intends to purchase a total of 1 million tonnes of soy in the province.

Prices of soy, soy meal, soy oil, and corn futures at the Dalian Commodity Exchange climbed and the rise in soy futures has been about 20 percent since October 20.

Major wheat contract 905 at the Zhengzhou Commodity Exchange has kept RMB1,700 per ton to RMB1,980 per ton for more than two weeks since October 20.