Quotes for Imported Soybeans at Shandong Ports on December 26th
Cofeed News: today (on December 26th), PNW soybean offers at Qingdao port keep flat at 3,380 yuan/tonne ($516), while US Gulf soybean prices at Dongjiakou port keep flat at 3,450 yuan/tonne ($526) amid unquoted PNW soybeans, moreover, most are unquoted at Rizhao ports. On the whole, prices of imported and distributed soybeans turn stable after sessions of decline, on one hand, limited supplies available for trade in market and traders’ strong sentiments for higher offers amid strict port inspections limit the downside, on the other 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. Generally, imported and distributed soybeans in a shorter term will experience a volatile session with downward tendency, 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-$519). Attention should be paid to port inspections and soybean arrivals. (USD $1=CNY 6.55)
