RTRS-China soy crushing margins improve amid low stocks - CNGOIC
Posted by Labels: Trader's highlightBEIJING, Feb 29 (Reuters) - Soy crushers in China, the world's top buyer of the oilseed, have increased output in recent weeks because of improved crushing margins, which should boost soy imports, an official think-tank said on Wednesday.
Robust demand from China has already driven up Chicago Board of Trade soy prices <0#S:> to a five-month high this week.
Crushing margins have stayed positive for the past three weeks after a rebound in domestic prices of soy products, including soymeal, said the National Grain and Oils Information Centre at a report.
Farms have begun to restock hogs, which would spur demand for soymeal, the feed ingredient.
Stocks of imported soybean have fallen to the low level of 5.7 million tonnes compared with 6.2 million tonnes during a year earlier and imports in February and March would remain at a low level, said the centre.
The centre earlier forecast imports in February to fall to 3.7 million tonnes from January's 4.6 million tonnes, while March imports were seen at 4 million tonnes.
Robust demand from China has already driven up Chicago Board of Trade soy prices <0#S:> to a five-month high this week.
Crushing margins have stayed positive for the past three weeks after a rebound in domestic prices of soy products, including soymeal
Farms have begun to restock hogs, which would spur demand for soymeal, the feed ingredient.
Stocks of imported soybean have fallen to the low level of 5.7 million tonnes compared with 6.2 million tonnes during a year earlier and imports in February and March would remain at a low level, said the centre.
The centre earlier forecast imports in February to fall to 3.7 million tonnes from January's 4.6 million tonnes, while March imports were seen at 4 million tonnes.
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