Quotes for Imported Soybeans at Shandong Ports on December 13th
Cofeed News: today (on December 13th), PNW soybean offers at Qingdao port keep flat at 3,470-3,490 yuan/tonne ($524-$527), while US Gulf offers at Dongjiakou ports are pegged at 3,500-3,510 yuan/tonne ($529-$530). In fact, prices for imported and distributed soybeans remain stable as stocks of imported soybeans at ports have not significantly piled up amid strict inspections at ports to somewhat limit the sales, on the other hand, limited supplies in market and traders’ strong sentiments for higher offers boost the performance. Nevertheless, domestic soybeans keep growing in market and imports of soybeans are seen to arrive in large quantities, to illustrate, more than 17 Mln tonnes of soybeans will be imported in December-January (2018), as a result, market players now are seen to stand sidelines and imported soybeans lack the strength to go higher. Generally, imported and distributed soybeans in a shorter term will experience a volatile session with upward tendency, but later will be under strain in terms of increasing soybean arrivals at ports. Attention should be paid to port inspections and soybean arrivals. (USD $1=CNY 6.619)
