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Review & Outlook
Recent Status of China¡¯s Oil Crops Market
Soybean and its products
In late December, the imported soybean decrease distinctly and the demand on the domestic products increased. The price is accordingly going up. For the purchasing price of soybean in Harbin, the price was 2400RMB/ton and 2580RMB/ton in Shandong. The price of soybean oil has a little drop. In Dalian, the price for grade 2 soybean oil was between 5900RMB/ton and 5950RMB/ton. In Eastern China, the price for the imported soybean oil was gradually dropping to 5800RMB/ton and the grade 2 soybean oil was 5750RMB/ton.
Started in January 2003, the Chinese government will reduce the soybean meal railway construction fund, which will promote the transportation for the products from the production area to the southern consumption and take great pressure to the sales places.
Rapeseeds and its products
Sichuan started the seeding of rapeseeds in October and now has entering the growing period. According to the local farmers, the sowing area is a little more than that of last year. It is estimated that the output in the next year will be greatly increased than that of this year. In late 2002, the demand for the rapeseed oil is exceeding the supply and. The price for the grade 2 soybean oil increased to 6300RMB/ton and 6500RMB/ton for the refined rapeseed oil. In eastern China, the price of grade 2 rapeseed oil was 6100RMB/ton and 6300RMB/ton for the rapeseed refined oil. It is estimated during the period of the Chinese Spring Festival, the price for the grade 2 soybean oil will increase to 6400RMB/ton.
At the present, the domestic rapeseed meal is mainly concentrated in eastern China. In late December 2002, the price is 1040RMB/ton in Nantong of Jiangsu Province. It is estimated that the price will increase to 1100RMB/ton in few weeks.
Palm oil and its products
For the good weather condition, the palm oil market is going well in Guangzhou. In recent time, the volume of arrived shipment in Guangzhou Port was 10 thousand to 20 thousand tons, the storage volume was at least 25 thousand tons, which will bring great pressure to the market. In late December of 2002, the price for the palm oil was 5050RMB-5080RMB/ton.
In Shandong, the price is a little higher. For the 24 degree palm oil, the quoted price was 5100-5150RMB/ton in Yantai Port. The 33 degree palm oil was 5000RMB/ton. At the present, the storage is no more than 20 thousand tons.
In Lianyungang Port, there is a shipment of 8000-9000 tons palm oil arrived by December 20, 2002. The recent price was 5100-5150RMB/ton.
The Tianjin Port has a large storage of 30 thousand tons. The price for 24 degree palm oil was 5150RMB/ton and the price will be lasted to January 2003.
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