China's domestic manufacturers buy large quantities of South American soybeans at rising prices

Introduction: Beijing, Nov 21 (FWN) news: on Wednesday, China's local trade insiders revealed that the industry insiders had recently rumoured that China's domestic soybean processing plants had signed contracts to purchase a large number of 2001 / 02 soybeans at rising water prices, with the shipment period from April to May They added that as many as 10 ships could be purchased, with prices rising 37 cents to 38 cents in CBOT's may soybean price, CNF Due to the huge soybean production in South America in the next year, the rising water of South America soybean has been under pressure However, analysts and well-informed people from the national grain and Oil Information Center don't take it seriously They think that the data is too high As far as the data they have, the actual number should be between five and six ships According to a previous FWN report, a Chinese government delegation visited Rio grandexo in southern Brazil on Friday to meet with cooperative leaders there to discuss the purchase of non GM soybeans The news sent CBOT soybean prices lower on Tuesday, with benchmark January soybean futures closing down 3.75 cents at $4.485 a bushel In the first nine months of 2001, China accounted for 3.113 million tons of 14.428 million tons of soybeans exported by Brazil Brazil's soybean sales so far this year are up 75% from the same period last year Brazil's soybean exports have risen from 8.9 million tons three years ago to an estimated 17.5 million tons in the coming year, according to the USDA's Bureau of overseas agriculture The U.S Department of agriculture's October supply and demand report predicted that China's soybean imports in 2001 / 02 were a record 14 million tons, an increase of 800000 tons compared with last year, and an increase of 2.9 million tons compared with 1999 / 2000 last year But the national grain and oil information center and the U.S agricultural counselor in Beijing estimate that China will import only 12 million tons of soybeans in 2001 / 02.