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Chinese buyers interested in U.S. soybeans
19.08.2010 11:58 "Agro Perspectiva" (Kyiv) —
Chinese soybean buyers have maintained the strong interest in back-month shipment of U.S. soybeans due to positive crushing margins, said the China National Grain and Oils Information Center (CNGOIC), a state-supported think tank.
American soybeans scheduled to ship in December is quoted at US$477/metric tons (tonnes), or 3,810 yuan/tonne C&F, providing an anticipated margin of 166 yuan/tonne from hedging on the domestic market, the CNGOIC said in its weekly report.
The record high June and July soy imports have driven up domestic inventory to 6.8 million tonnes, an increase of 3.3 million tonnes from the same period of 2009.
Chinese buyers did not purchase palm oil on fear of loss from back-month shipment. Palm oil inventory has declined from 800,000 tonnes to 500,000 tonnes.
By end-July, state-owned companies had purchased 35 million tonnes of new wheat, down 7.7 million tonnes from the year-ago period.
The flood in Northeast China Jinlin and Liaoning provinces benefited highland corn crops. The production of corn is estimated to increase 1,000 to 1,500 tonnes.
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