16:16, 18.09.2009 — Новости
автор: OilWorld.Ru

DJ China Soybean Prices Slightly Up Ahead of New Harvest Season (ENG)


SHANGHAI (Dow Jones)--Soybean prices in China's major producing areas were
slightly higher in the week to Friday due to a lack of soybean supply as the
new harvesting season has yet to begin.

  Soybean prices in Harbin city in Heilongjiang, the country's largest
producer, were CNY3,600-CNY3,660 a metric ton, slightly up from
CNY3,580-CNY3,640/ton a week earlier.

  In Jiamusi, also in Heilongjiang province, prices were around CNY3,600/ton
compared with CNY3,540-CNY3,580/ton a week ago.

  Little was sold during the government's weekly soybean auctions and
processors were waiting for government subsidies as auction prices were too
high for purchases to be profitable.

  The government has sold about 2% of the 4 million tons of state soybean
reserves it wants to sell, the China Grain and Oil Information Center said in a
statement Wednesday.

  Analysts said soybean cash prices won't likely soar in the coming week
despite a Heilongjiang frost warning Thursday.

  "Weather will only affect planting and harvesting in the future, and won't
change the current situation, so the spot market will remain relatively stable
with quiet trading," as farmers wait for the new harvest season to commence,
said Xu Wenjie, an analyst with Tianma Futures.


  -Yue Li contributed to this article; Dow Jones Newswires; (8621) 6120 1200;
yue.li@dowjones.com


  

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