Himfr Predicts Chinese Soybean Market Situation

Jun 18, 2010, 10:00 ET from Himfr.com

BEIJING, June 18 /PRNewswire-Asia/ -- Himfr.com, one of China's leading B2B search platforms with more than 30 B2B industry websites to its name, predicts the Chinese Soybean market situation.

According to Himfr's latest statistics, Chinese port soybean stock has reached more than 5 million tons -- a record high. Himfr predicts that the number of late arrivals will reduce the soybean market pessimism.

Himfr analyzes that the soybean backlog is mainly because the Chinese soybean pre-repression profit is very high, which triggered the import processing enterprises' enthusiasm. Since the beginning of April, Chinese soybean meal and soybean oil prices began to fall, which has led to edible oil factory losses.

In addition, the Chinese aquaculture industry in a long slump, because the demand of soybean meal feed has declined; grease products are also in a profit squeeze. Therefore, a lot of imported soybean owners would rather pay more in port stockpiling costs, than pick up the surplus, resulting in serious soybean backlog at ports.

Himfr analyzes that overall of domestic grease demand market is still bullish. China's demand for edible oil and soybean meal has increased about 10% year-on-year, so import demand is very strong. Currently, this stage of the surplus situation could suppress the cash market, but later as the receipt volume decreases pessimism over the soybean market will improve.

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SOURCE Himfr.com