Quotes for Imported Soybeans at Shandong Ports on December 25th
Cofeed News: today (on December 25th), PNW soybean offers at Qingdao port are 3,380 yuan/tonne ($5215), down 60 yuan/tonne against last week, while Dongjiakou ports offer 3,450 yuan/tonne ($526) for US Gulf soybeans, down 30 yuan/tonne against yesterday, meanwhile most are unquoted at Rizhao ports. On the whole, prices of imported and distributed soybeans edge lower, on one hand, sales are impeded with troublesome delivery at ports 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 in consideration of successive arrivals of imported soybeans, thus pushing down its prices. On the other hand, limited supplies available for trade 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 in terms of increasing market circulation, in this case, market speculates that lower prices of imported and distributed soybeans are estimated to range from 3,350 to 3,400 yuan/tonne ($511-$518). Attention should be paid to port inspections and soybean arrivals. (USD $1=CNY 6.56)
