Quotes for Imported Soybeans at Shandong Ports on December 1st
Cofeed News: today(on December 1st), Qingdao port offers 3,480 yuan/tonne($526) for US Gulf soybeans, and 3,400-3,450 yuan/tonne($514-$522) for PNW soybeans, keeping flat over yesterday. In consideration of even more strict inspections at ports, sales of imported and distributed soybean are impeded with few turnover the time domestic soybeans keep growing in market. On the other hand, imports of soybeans will arrive in large quantities if GMO certificates have little effect on the market, therefore market players now are seen to stand sidelines. Generally, prices for imported and distributed soybeans today turn stable after the previous pick-up. Additionally, market confidence is still buoyed as stocks of imported soybeans at ports have not significantly piled up amid strict censorship of GMO certificates to somewhat limit imports of some soybeans, thus boosting the performance of imported soybeans. Overall, imported and distributed soybeans in a shorter term will keep fluctuating, but later will be under considerable pressure in terms of increasing arrivals at ports. Attention should be paid to port inspections and soybean arrivals. (USD $1=CNY 6.615)
