State Reserve to sell the dust settles, soybean battle started – soybeans, beans – Food Industry
Despite the release of reserves for national soybean market the way a lot of speculation, the government has chosen to end the most direct means – selling. The domestic market closed yesterday, the national grain and oil trading center will be officially confirmed next week to sell soybeans, corn and Rice News, the State Reserve to sell officially opened the curtain. However, the release of soybean reserves are seemingly bad news that really will make soybean prices, "disease is felt?" United States, as China's largest importer of soybean in turn bear what pressure?
Countries wielding cast Reserve "trump" the market does not buy it?
National Grain and Oil Trade Center Thursday confirmed that next Thursday will auction 500,000 tons of soybean national reserves, and in the reserves next Tuesday auction two million tons of corn. National Grain and Oil Trade Center's announcement did not disclose the price, but traders expect the auction price will be based on the purchase price of all varieties last year, floating RMB 50 per ton. According to the prices, soybean prices will put 3,750 yuan / ton, the price of corn in the 1,550 yuan / ton.
Last year and raging economic crisis, global commodity prices have fallen, in order to ensure stable domestic grain market prices, the state since last October to April this year, purchasing and storage in the Northeast Chanqu soybean, the total reached 7.25 million tons, accounting for domestic 46% of total output of 15.5 million tons, of which 1.5 million tons for the central reserve, the remaining reserves of more than 500 million tons for the interim. However, the new domestic season will be September soybean market, due to previous large-scale purchasing and storage of soybeans, storage capacity is more tension in Northeast China, the market may be a limited number of the flow of soybeans, soybean oil plant in Northeast Chanqu short supply, some oil plant again suspension phenomena occur. In view of this situation, the domestic market as early as May had expected the state will begin to throw reservoir, but the bomb but nothing bad outbreak.
However, prices published by the Government along Sell Principles of market has been quite controversial, as with purchasing and storage of soybean, drying and storage costs and so calculated, along price selling price is much higher than market price, so some people expected, the state may be taken directly to the sale of soybean oil plant and give subsidy, not the way to sell through market circulation.
However, the national grain and oil trading center last night announced the auction news shattered the speculation. GF Yuan Jianbin futures analyst said that although the announcement did not address the auction starting price, and subsidies given to the contents of the corresponding oil plant, but if the rumors of 3750 yuan as the starting price is true, this should be is "Selling at Proper Price," plus "necessary expenses" the principle of minimum starting, but the prices are still relatively Heilongjiang Chanqu 3500-3600 yuan / ton oil mill is much higher purchase price, and the port area 3,720 yuan / ton roughly equal distribution of quotations. If coupled with additional long-distance transport costs, Schrot spot in the current downturn, squeezing profits oil plant generally modest even in cases where loss is estimated that both Chanqu oil plant oil factory or port is difficult to accept such bid price. On the other hand, from the current futures market price of view, enterprises through the State Reserve auction for delivery of soybeans has basically eliminated the possibility. States began the auction of soybean storage on the market is undoubtedly bad, and on the nearby contracts, may be continued repression, but at this stage, now the price has been widespread, severe oversold situation, the market is not expected to bring significant new down kinetic energy, more is effective for inhibiting the rebound of the potential price impact of space.
Although the cost of soybean imports have been significantly reduced from the previous month, but based on the downstream consumer downturn, oil, soybean oil factory overstock, corporate exploitation of benefits remaining low. Node in the current time to sell policies promulgated by the state on a regular basis, no doubt to the already heavy oil crushers worse. Domestic traders also believe that if the price is in accordance with the 3750 launch of soybean, the high in terms of current market conditions, there is no appeal to the traders. Soybean crushing plant has enough, they are not interested in the acquisition, in addition to those Food Processing buyers. However, the food processors in the soybean market share is very small, they produce soybean meal for the production of soy milk and tofu. Dropped to three and a half low of U.S. beans will continue to have lingering fear?
Soybean market performance from yesterday can be seen, the State Reserve will auction the news on the soybean market are limited, only slightly Soybean prices fell on. After all, the market has already anticipated this and are expected to 3750 yuan / ton in the auction price and not very attractive for traders. According to industry sources, the state selected is to sell a small amount of time that the stability of soybean in the domestic soybean prices, based on the gradual reduction of inventory in preparation for the new season soybeans.
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