The weather makes China badly in need of soybeans

Introduction: new page 1 (Reuters) - China is in urgent need of soybeans again Despite the high international price of oilseeds, the price of edible oil and soybean meal in China is stronger, which enables the crushers to have rich profits 7n9 Chinese buyers will import more soybeans from the US and South America in September and October This week they have ordered 3-4 ships of soybeans, compared with 5-7 last week Chinese buyers are buying aggressively, while Chinese soybean oil and meal prices are quite high The profits of the crushers are considerable The price of 7n9 Chinese edible oil and soybean meal has been rising Because in the past few months, the new GM crop regulations and the sharp rise in CBOT futures prices have slowed down soybean imports and dried up China's soybean stocks The price of soybean oil has risen to 6000 yuan per ton, and the price of soybean meal has risen to 2300-2400 yuan per ton Some traders can calculate that according to the current exchange rate, the squeezing profit per ton is 40 dollars 7n9 weather worries 7n9 some traders believe that the cold and wet weather during the summer months will reduce domestic soybean production, although most still believe that soybean production will reach a record 17 million tons (only 15.4 million tons last year) However, heavy rainfall before harvest reduced the output of rapeseed from the original estimated 12 million tons to 10.5 million tons It's very wet and cold this summer It is possible that soybeans will encounter early frost, which will be a very clear news of rising prices For rapeseed, its oil output is more than that of soybeans, which makes it another factor of higher price of vegetable oil in China 7n9 at present, China has ordered 23-24 ships of newly harvested soybeans from the United States for shipment in October November, most of which are 90-95 cents per bushel based on the price of CBOT & nbsp; in November In addition, it is estimated that more than 500000 tons of soybean oil will be imported from South America from July to October, some of which will cost US $520 per ton (C & F) 7n9 is very profitable for soybean oil After the completion of the import contract in mid September, the price will be further promoted Consumption data released on Tuesday showed 1.71 million tons of soybeans and 14376 tons of soybeans landed in July, compared with 405683 and 546 tons of imports in June Despite China's record soybean harvest in mid September, most traders hope to import at least 1 million tons of soybeans a month for the rest of the year A small number of traders also believe that the number of imports in August will be the same as the record number in July 7n9