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China's soybean and edible oil imports hit a new high again in July
Data released by the General Administration of Customs shows that China's soybean imports in July reached a record 9.5 million tonnes, up 17.4% from 8.09 million tonnes imported in June, as buyers took advantage of weak prices to purchase. China is the world's largest soybean importer. The surge in soybean imports was driven by
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Soybean Imports Under Pressure: Cost Rises by 3 Million Yuan per Vessel
On August 11, news that Russia would lower tariffs on related agricultural products roiled the commodities market. Coincidentally, the People's Bank of China's sharp downward revision of the RMB central parity rate during the same period also gave some agricultural products a different performance. Zhuochuang Information told a Securities Daily reporter that, affected by the RMB depreciation, Chicago soybean futures surged 3.5% on Monday before plunging 2.6% on Tuesday. Apart from the impact on the futures market, soybean imports are also expected to be "badly hurt" later on. As the world's largest buyer of soybeans, China has had an import dependence rate for soybeans above 50% over the past 15 years; especially in the past six years, China's foreign dependence on soybeans has exceeded 80%, and in 2014 the foreign dependence rate was around 86%. Without considering foreign exchange arbitrage, if domestic soybean traders import soybeans at the latest exchange rate, the cost per vessel increases by about 3 million yuan. Although importing enterprises can use foreign exchange arbitrage tools to reduce exchange losses, if the RMB continues to depreciate, enterprises' import costs will face the risk of a sharp rise. <p> </p> <p> On August 11, news that Russia would lower tariffs on related agricultural products roiled the commodities market.</p> <p> Coincidentally, the People's Bank of China's sharp downward revision of the RMB central parity rate during the same period also gave some agricultural products a different performance. Zhuochuang Information told a Securities Daily reporter that, affected by the RMB depreciation, Chicago soybean futures surged 3.5% on Monday before plunging 2.6% on Tuesday. Apart from the impact on the futures market, soybean imports are also expected to be “badly hurt” later on. As the world's largest buyer of soybeans, China has had an import dependence rate for soybeans above 50% over the past 15 years; especially in the past six years, China's foreign dependence on soybeans has exceeded 80%, and in 2014 the foreign dependence rate was around 86%. Without considering foreign exchange arbitrage, if domestic soybean traders import soybeans at the latest exchange rate, the cost per vessel increases by about 3 million yuan. Although importing enterprises can use foreign exchange arbitrage tools to reduce exchange losses, if the RMB continues to depreciate, enterprises' import costs will face the risk of a sharp rise.</p> <p> Soybean imports remain at a high level</p> <p> A Securities Daily reporter learned from Zhuochuang Information that Russia has stated that, in order to honor its commitments to the World Trade Organization (WTO), it will continue to gradually lower export tariffs on major oilseeds, starting from September 1, 2015. The soybean export tariff will drop to zero, and the rapeseed export tariff will drop to 6.5%, but no lower than 11.4 euros per ton. The sunflower seed export tariff will drop to 9.88%, but no lower than 14.81 euros per ton.</p> <p> In this regard, Zhuochuang Information believes this may change the pattern of China's sources for imported soybeans.</p> <p> A Securities Daily reporter checked data from the General Administration of Customs. Looking at import volume data, soybean imports showed a surge in July. The data shows that 9.5 million tons of soybeans were imported in July, while from January to July cumulative imports reached 44.66 million tons, with import volume up 7.1% year on year and value down 19.7% year on year.</p> <p> Checking data from other months so far this year shows that although soybean import data fluctuated repeatedly in the first half of this year, with differing degrees of year-on-year increases and decreases, the July import volume increased noticeably when the data are ranked.</p> <p> Separately, media reports said the surge in soybean imports was mainly because South American soybeans were cheap, stimulating increased purchasing demand from Chinese buyers. The China National Grain and Oils Information Center forecasts that soybean imports in August and September will total 13 million tons, higher than 11.06 million tons in the same period last year.</p> <p> Corresponding to the surge in imports is the continuous shrinking of the domestic soybean market. The China National Grain and Oils Information Center expects China's soybean output next year to fall to 11 million tons, below this year's 12.15 million tons.</p> <p> While news of Russia's tariff cut is still echoing, the RMB depreciation has added another layer of meaning to soybean import and export business. “The RMB has depreciated continuously for two days by a relatively large margin, which is a major positive for foreign trade enterprises. In recent years, the RMB has kept appreciating, while international market demand has been sluggish, dealing a relatively large blow to China's exports. In July this year, exports fell 8.3% year on year. After the RMB depreciation, the price advantage of China's exported goods will be somewhat strengthened, which is conducive to improving the performance of foreign trade enterprises. In fact, the main purpose of this central bank-led RMB depreciation is to promote exports.” Guo Fanli, research director at China Venture Consulting, explained to Securities Daily. Specifically for agricultural enterprises, Guo Fanli believes enterprises should actively raise the added value of their products and develop mid- to high-end business. This RMB depreciation is a good opportunity for China's agricultural processing import and export enterprises to rebuild their brand image. Agricultural processing import and export enterprises can export some mid- to high-end products, and because of the RMB depreciation, these mid- to high-end products are expected to be welcomed by the market for their relatively high cost-performance ratio. Once foreign markets have relatively high recognition of China's exported mid- to high-end products, even if the RMB appreciates in the future, it will not have a relatively large impact on agricultural processing import and export business.</p> <p> Some agricultural analysts also explained in interviews with Securities Daily that the current agricultural production model determines that domestic soybeans regaining market share will not happen overnight.</p> <p> The phenomenon of “concentrated arrival at ports” will continue</p> <p> Changes in the soybean market structure have also given the current market clear characteristics. A research report from Guotai Junan shows that China's soybean imports continue to show the phenomenon of “concentrated arrival at ports”; therefore, China's soybean imports are expected to fall month on month in August, but in absolute terms they are still expected to remain in a high range.</p> <p> Because China's soybean imports surged in July, setting the highest monthly import volume ever recorded. Guotai Junan believes that in the first seven months of 2015, there were some keywords to follow in global soybean trade: China's soybean imports will fall month on month in August, with import volume estimated at around 8 million to 8.5 million tons; China's soybean import volume once again set a record high for the same period in history, and China's soybean imports are expected to gradually decline in August.</p> <p> Now, with changes in Russia's soybean export tariff policy, the market structure may also change. Zhuochuang Information believes that China's main soybean importing countries are currently the United States, Brazil and Argentina. Looking at import data from the first half of the year, the three countries accounted for 97% of import volume, while Russia accounted for only 0.72%. However, affected by Russia's soybean exports soon facing zero tariffs, “plus the fact that in recent years farmers in Northeast China have tended to go to Russia to grow soybeans, it is expected that China's soybean imports from Russia will increase somewhat later on.”</p> <p> </p>
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China's soybean imports hit a record high in July, corn also set a new record
China's soybean imports hit a record high in July. Data released by the General Administration of Customs show that in July 2015, China's total soybean imports reached a record 9.5 million tonnes, up 27% from the same period the previous year. This was also the first time China's monthly soybean import volume exceeded 9 million tonnes. In July, China
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Domestic soybean market sees a turnaround, but soybean oil prices struggle to rebound
Imported soybeans become the star of sales Since China began importing soybeans in 1995, import volumes have risen year after year, making China a veritable number one soybean importer in the world. It is understood that in 2014 China imported 71.4 million tons of soybeans for the whole year, up 12.7% year on year. This year
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Will the phenomenon of low soybean prices hurting farmers still occur?
Entering September, the Inner Mongolia Greater Khingan Mountains reclamation area has welcomed the harvest season. Despite experiencing multiple disasters of spring drought plus summer drought, and low temperatures plus autumn waterlogging, thanks to the strengthening of mechanical power and increased investment in science and technology, this year is again a bumper harvest year. Unlike before,
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Soybean imports hit record highs repeatedly, why is domestic soybean mired in difficulty?
In recent months, China's soybean imports have repeatedly hit record highs. The high foreign dependence of soybeans has left domestic soybeans mired ever deeper in difficulty. In the first 8 months of this year, China imported a cumulative 52.39 million tons of soybeans, once again setting a record for the same period in history, of which soybeans from Brazil accounted for
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Integrated soybean green yield-and-efficiency technology achieves results in the Huang-Huai-Hai region
On September 21, at the "Soybean Green Yield-and-Efficiency Technology Model Demonstration Field Meeting," good news came from the demonstration field in Yongqiao District, Suzhou City, Anhui Province: after preliminary yield measurement by experts, the highest soybean yield in the demonstration field reached 247.51 kg per mu, with an average yield of 195.27 kg, an increase of
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Trial soybean yields increase by over 10%, CAAS integrated technology proves effective
A reporter recently learned from the Chinese Academy of Agricultural Sciences that the green yield-increasing and efficiency-enhancing soybean technology model carried out by the academy this year in the Huang-Huai-Hai region has achieved remarkable results, with yields increasing by 11.8% compared with the control group. It is understood that this model integrates 8 key technologies including precision sowing with no-till wheat straw mulching.
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Research and demonstration of green soybean technology models for increasing yield and efficiency achieve remarkable results
Research and demonstration of green soybean technology models for increasing yield and efficiency achieve remarkable results. Straw return to the field realized, with an average yield increase of 11.8% per mu and an efficiency gain of 183.7 yuan. This website reports: On September 21, the Chinese Academy of Agricultural Sciences held the Huang-Huai-Hai summer soybean green yield-increasing and efficiency-enhancing technology model demonstration
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Anhui Soybeans Open at Low Prices, Northeast Soybeans Ignored
As the National Day holiday comes to an end, autumn is at its peak and the weather is turning cooler, and domestic grain has started a round of price-cutting frenzy. It is understood that this year, due to reasons such as the large domestic corn planting area and ample output, new-season corn prices will be lowered somewhat; at the same time, wheat, due to rumors of a lowered procurement and storage price and other reasons, has seen a "cliff-like" price slide; soybeans have also been unable to escape the "misfortune" of price cuts. After large quantities of new soybeans came onto the market, affected by factors such as planting area, output levels, soybean quality, and market demand, soybean prices have fallen to varying degrees. Below, let us talk about how domestic soybeans began their "journey of price cuts."
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