Quotes for Imported Soybeans at Shandong Ports on December 20th
Cofeed News: today (on December 20th), PNW soybean offers at Qingdao port and Dongjiakou ports stay at 3,440 yuan/tonne ($522), both down 20 yuan/tonne against yesterday, while US Gulf soybean offers at Dongjiakou ports keep flat at 3,480 yuan/tonne ($528). On the whole, prices of imported and distributed soybeans stay stable but with some declines, on one hand, sales of imported and distributed soybeans are impeded with light turnover when 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, pushing down prices of imported soybeans. On the other hand, limited supplies in market and traders’ strong sentiments for higher offers amid strict port inspections limit the downside. Generally, imported and distributed soybeans in a shorter term will experience a volatile session with downward tendency, but later will be pressured down in terms of increasing market circulation. Attention should be paid to port inspections and soybean arrivals. (USD $1=CNY 6.596)
