Soybean oil imports in the first ten months up 21.53% year-on-year

Soybean oil imports in the first ten months up 21.53% year-on-year

According to the General Administration of Customs, in October China imported 95,900 tonnes of soybean oil, down 3.82% year-on-year; cumulative imports from January to October reached 1,084,500 tonnes, up 21.53% year-on-year. In October China imported 60,700 tonnes of rapeseed oil, down 27.22% year-on-year; cumulative imports from January to October reached 696,900 tonnes, down 48.16% year-on-year. In October China imported 305,200 tonnes of palm oil, down 26.4% year-on-year; cumulative imports from January to October reached 4,236,400 tonnes, down 10.93% year-on-year.

Distribution prices of imported soybeans at ports stabilise

Last week, the buying and selling situation and trend in the Heilongjiang soybean market remained weak, the listing of newly harvested soybeans across the province was still slow, soybean prices stayed sluggish, oil mills and traders were cautious in purchasing, the wait-and-see mentality remained unchanged, and domestic soybean purchase prices remained steady with a weak tone. Downstream demand for imported soybeans still saw no breakthrough; although cost prices fell along with CBOT futures prices, domestic soybean meal and soybean oil prices both declined, making it difficult for oil mills to maintain processing profits, shipments of soybeans from ports were relatively slow, the domestic market was mainly stable, and distribution prices of imported soybeans at ports stabilised.