Quotes for Imported Soybeans at Shandong Ports on November 6th
Cofeed News: today(on November 6th), Rizhao port in Shandong offers 3,390-3,400 yuan/tonne（$511-$512）for PNW soybeans, remaining flat over last week, yet 3,400 yuan/tonne($512) for old US Gulf soybeans in 2016. While, US Gulf soybeans in Qingdao port price at 3,430 yuan/tonne($517). Prices for imported and distributed soybeans keep firm as supply tension of soybeans persists at ports amid strong sentiments of traders to hold out for high prices bolster the imported soybean prices, but on the other hand, domestic soybeans keep growing, which somewhat limits the upside on imported soybeans though larger imported soybeans are going to arrive later. 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, and some imported soybeans have arrived at ports recently. Indeed, imported soybeans may pare gains once supply pressure is eased in mid- November. (USD $1=CNY 6.635)
