Asian soybean Outlook: buyers monitor price trend, Taiwan may buy

Introduction: Asian soybean importers and buyers are likely to monitor global price trends this week before deciding whether to make new purchases, Asian traders said Monday Soybean prices have not been immediately affected since last week's terrorist attacks in New York and Washington, but trade sources say they will lead to higher prices if the threat of war increases China's soybean trade sources said on Monday that the prospects for Chinese soybean importers to purchase soybeans from the world market this week are still slim, because the world soybean price is not attractive, and the market is still guessing that China's quality inspection authorities will implement new strict measures for soybean inspection Some traders said that despite Friday's sharp fall in the price of soybean futures on the Chicago Board of trade (CBOT) due to the negative production data released by the U.S Department of agriculture, the futures price is still higher than a week ago The reason why Chinese soybean buying is rare is that Chinese importers are worried that Chinese quality inspection authorities may take strict measures when the imported soybeans are inspected after being unloaded at domestic ports The measures include the first anchorage inspection before the goods are approved for unloading at the port, and frequent inspections during the unloading, traders said They say imported soybeans can only be distributed after the whole ship has passed the inspection Traders said that because of the long unloading time, the cost of imports will increase accordingly People familiar with the situation said that the reason for the government's action was that quality problems were found in several imported American soybeans earlier this year In any case, traders say, the mills still need to buy imported soybeans because their production depends on imports These manufacturers are waiting for world soybean prices to fall before making new purchases Most of China's commercial buyers have been on the sidelines since the beginning of June, when the government issued a new regulation on the import of genetically modified products, but so far no detailed rules have been released Unclear import regulations and possible quarantine measures are likely to lead buyers to be more cautious when making new purchases "Now these buyers have to watch how the quarantine authorities will impose new strict tests on imported soybeans arriving at Chinese ports," said a trader in southern China "Taiwan as a low trader said that due to the uncertainty of the world market in the near future following the terrorist attacks in the United States, most of Taiwan's major soybean buyers are expected to leave the market to wait and see However, bspa-k and bspa-t, the two major soybean purchasing groups in Taiwan, will seek to purchase soybeans from December to January to further expand their procurement, according to people familiar with the matter The sources added that the two groups were not in a rush to make purchases An official at Taiwan's state-run sugar company, Taiwan sugar, said it needed to buy soybeans for October shipment soon, but the company has yet to plan a bid South Korean traders expect domestic soybean buying to be sluggish this week as major local buyers have purchased soybeans for the end of October shipment in the past week "Local buyers have completed the purchase of October soybeans," said one trader Perhaps in the next few weeks, these buyers will be out on the sidelines, because US soybean prices are not clear after the terrorist attacks "On Tuesday, terrorists hijacked airliners and hit the world trade center in New York and the Pentagon in Washington, D.C Cheil jedang, South Korea's No 1 oilseed crusher, bought 50000 tons of American soybeans from Marubeni, a Japanese trader, in a bid last week, with a shipping schedule for the second half of October AFMC, South Korea's only buyer of edible soybeans, also bought 20000 tons of non GMO US soybeans last week AFMC purchased these soybeans from TOEFL international, CNF price is 241.12 US dollars per ton, shipment date is October 22-31, shipment date is from the Gulf of the United States; or November 6-15, shipment date is from the Pacific Northwest harbor Japanese traders said that following the terrorist attacks on the United States, local oil seed crushers in Japan have been reluctant to purchase more soybeans for November shipment due to the uncertainty of shipping costs, which may lead to higher CNF premium of soybeans After the disaster, crude oil prices rose, traders said, and freight costs for Panamax freighters from the US Gulf to Japan began to rise "Everyone wants to know if the price of crude oil is only going up for a while, and it will come down soon," said one trader "The benchmark November Brent crude oil futures on the International Petroleum Exchange in London rose to $29.43 a barrel on Friday, up $1.06 from the previous session Another trader said, "shipping companies are now less active in providing shipping The quotations heard for several November shipments were all higher than $20 per ton Prior to the attacks on the United States, shipping from the U.S Gulf to Japan was quoted at $19 a ton The current CNF offer for November US soybeans is $1.08 to $1.10 per bushel on CBOT's November soybeans In the past week, Japanese buying has been rare as CBOT closed on Tuesday and Wednesday, despite the continued operation of port facilities in the US Gulf and Pacific Northwest ports Traders estimate that Japan's end users and importers have purchased between 25% and 50% of the demand for soybeans shipped in the first half of November (author:) share to feed Weibo share to: