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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

08/09/2004

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Chinafood.com

CATEGORY

HEADLINE

China 2003/04 Soybean & Soyoil Imports Continue to
2/08/04 - The imported soybean stocks have continued to drop at Chineseports, with the total amounts at 2-2.2 million tons at the end of August,down by 800,000 tons and if added to this crushers’ stocks, the totalsoybean stocks will reach 2.5 million tons. The stocks will continue todrop in September or even less in October due to the increases in theinternational soybean and domestic soymeal prices.

The imported South American soybean prices have dropped at Shandong ports,with the current price at 3,050 Yuan per ton, and the prices are forecastto rise soon as the prices of the international soybeans and the domesticsoymeal have risen. CNGOIC currently forecast China’s soybean imports at17 million tons in 2003/04, down 4.42 million tons or 20%.

The imported crude soyoil arrivals have declined recently, with theseasonal consumption peak having ended, and the arrivals are forecast toincrease in September due to policy reasons, with the arrivals higher thanAugust. Some Chinese soyoil traders and refineries are consideringimporting refined oils as the crude oil cannot meat Chinese requirements,and some traders plan to continue to transport the imported crude soyoilto the bonded areas for sales after processing.