China Soybean Prices Up On Falling Supply; Soyoil Prices Down

　　2007-06-15 16:55:00

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　　BEIJING (Dow Jones)--Soybean prices in China's major producing regions were higher in the week to Friday on declining supplies.

　　In Harbin, the capital of Heilongjiang province, China's largest soybean growing region, prices of average quality soybeans were at CNY3,000-CNY3,040 a metric ton, higher than CNY2,980-CNY3,010/ton a week earlier.

　　Prices in the northeastern part of the province's Jiamusi city were around CNY2,960/ton, compared with CNY2,920/ton-CNY2,940/ton a week earlier.

　　Traders expected soybean prices to rise further to CNY3,100-CNY3,200/ton before the harvest season starts in September.

　　Soy oil prices fell due to the slump in palm oil prices and soy oil futures at Chicago Board of Trade.

　　Traders were eager to sell as the supply is ample, said China National Grain and Oils Information Center in its report issued Friday.

　　China imported 1.05 million tons of soy oil in the first five months of this year, up 50% from a year earlier, the General Administration of Customs said Friday.

　　It imported 260,000 tons of soy oil in May alone, almost 16 times the amount it imported during the same period last year.

　　In Shandong province, fourth-grade soy oil prices were at CNY7,950-CNY8,100/ton, down from CNY8,100-CNY8,150/ton in the previous week.

　　In southern Guangdong province, fourth-grade soy oil was at CNY8,000-CNY8,150/ton, down from CNY8,100-CNY8,200/ton.

　　Soymeal prices were stable, supported by falling soy oil prices and the pickup of demand from the feedmeal sector.

　　In Jiangsu province, prices of average-protein soymeal were at CNY2,300-CNY2,350/ton, compared to CNY2,280-CNY2,380/ton a week earlier.

　　In Guangdong province, prices of average-protein soymeal were at CNY2,300-CNY2,360/ton compared to CNY2,250-CNY2,350/ton a week earlier.