Quotes for Imported Soybeans at Shandong Ports on November 10th
Cofeed News: today(on November 10th), Rizhao port in Shandong offers 3,390-3,400 yuan/tonne（$511-$512）for PNW soybeans, Qingdao offers 3,420 yuan/tonne($515) for US Gulf soybeans both remaining flat over yesterday. Market rumors get around that China’s Ministry of Agriculture will strictly control the issuance of GMO certificates with more time in censorship, additionally, some soybeans projected to arrive in December may fail to load at ports in time. Though having not been verified yet, these rumors trigger participant’s vigilance over market. Prices for imported and distributed soybeans today keep stable as supply tension persists at Shandong ports amid strong sentiments of some 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 18.2 Mln tonnes of soybeans are estimated to arrive at ports in November and December if soybean unloading goes smooth. Indeed, imported and distributed soybeans may pare gains in mid- November. (USD $1=CNY 6.638)
