China’s import of soybean oil in November 2017
Cofeed News: November imports of soybean oil total 16,137 tonnes, impressively lower than October’s, of which most are non-GM soybean oil, besides, few importers now prefer imported soybean oil in consideration of profits. Notably, domestic soybean oil in commercial stocks in November has struck a fresh high of 1.68 Mln tonnes in light of high operation rate and large soybean arrival at home the time supply pressure is considerable. Generally, most oil mills mainly consume their own production of soybean oil, which accounts for few imports all the time.
According to customs data, November imports of soybean oil total 16,137 tonnes, down 43,260 tonnes from the previous month's 59,397 tonnes by 72.83%, and the figure is 63,031 tonnes lower than the 79,168 tonnes the same period last year by 79.62%.
Prices for soybean oil in November settle at USD $859.33 per tonne on average, up USD $44.19 per tonne from October’s USD $815.14 in 2017, while CIF price stays at 6,963 yuan/tonne in November, up 395 yuan/tonne from 6,568 yuan/tonne in October 2017.
