Quotes for Imported Soybeans at Shandong Ports on November 2nd
Cofeed News: today(on November 2nd), Qingdao port offers 3,450 yuan/tonne（$523）for PNW soybeans, remaining flat over yesterday, while 3,390-3,400 yuan/tonne ($514-$515) for Uruguayan soybeans. Insufficient surpluses at ports amid strong sentiments of traders to hold out for high prices bolster the imported soybean prices. While on the other hand, domestic soybeans keep growing, which limits the upside on imported soybeans though larger imported soybeans are going to arrive later. Weighing that, prices for imported and distributed soybeans keep firm. According to Cofeed latest investigation, about 9Mln tonnes of soybeans are estimated to arrive at ports in November, while 9.1 Mln tonnes in December, yet imported soybeans may pare gains once supply pressure is eased after the first 20 days of November. (USD $1=CNY 6.598)
