Quotes for Imported Soybeans at Shandong Ports on November 8th
Cofeed News: today(on November 8th), Rizhao port in Shandong offers 3,390-3,400 yuan/tonne（$511-$512）for PNW soybeans, remaining flat over yesterday, yet 3,430-3,440 yuan/tonne($517-$518) for US Gulf soybeans. Prices for imported and distributed soybeans keep stable after falls as supply tension persists at Shandong ports amid daily shipment around 2,000 tonnes and 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 large imported soybeans are going to arrive later. According to Cofeed latest investigation, roughly 18 Mln tonnes of soybeans are estimated to arrive at ports in November and December where some have arrived at ports recently with soybeans’ total volume around 0.15 Mln tonnes now available at ports for transaction. Indeed, imported soybeans may pare gains once supply pressure is eased in mid- November. (USD $1=CNY 6.637)
