Beijing, China
February 23, 2010
Source: Farmers’ Daily
Recently, the MOA Experts Panel on Agricultural Market Monitoring and Early Warning has released the market information of oil bearing crops for January, 2010.
I. Domestic prices for oil bearing crops and edible oil turned weak.
In January, the purchase price for rapeseeds by oil mills was up by 1.3% MOM to 4,085 yuan/ton in Hubei Province. In Shandong Province, the wholesale price for peanut kernels (Grade Two) decreased by 1.6% MOM to 7,776 yuan/ton. Meanwhile, the factory price for soybean oil (Grade Four) in Shandong was down by 3.0% MOM to 7,587 yuan/ton. In Tianjin, CIF palm oil (24 degrees) increased by 3.3% MOM to 6,660 yuan/ton. In Hubei the factory price for rape oil (Grade Four) was up by 0.1% MOM to 8,497 yuan/ton. In Shandong, the price for peanut oil (Grade Four) was down by 0.3% MOM to 15,460 yuan/ton.
II. International Prices for Oil bearing crops and edible vegetable oil declined.
In January, CNF (FOB plus freight) for rapeseeds in Canada was down by 0.8% MOM and up by 11.9% YOY to US$ 462/ton. CNF for soybean oil from South America was down by 0.4% MOM and up by 18.7% YOY to 906 yuan/ton. FOB palm oil (24 degrees) from Malaysia was up by 2.7% MOM and 29.5% YOY to US$ 798/ton.
III. Prices for imported oil rapeseeds and soybean oil were lower than domestic prices.
In January, domestic price for rapeseeds grew slightly, again higher than the international price which fell by a thin margin. After-tax CIF Canadian rapeseeds stood at 4,000 yuan/ton, 85 yuan/ton lower than the domestic purchase price by oil mills. FOB Gulf Mexico soybean oil stood at US$ 767/ton, or 5,236 yuan/ton, 2,351 yuan/ton lower than the domestic price in the sales regions. In Shandong, CIF soybean oil was 77 yuan/ton lower than the local wholesale price at 7,510 yuan/ton.
IV. China’s import of edible oil seeds and edible vegetable oil in 2009 broke record.
According to China’s customs service, in December, 2009, China’s import of edible oil seeds amounted to 5.143 million tons, up by 59.2% MOM. The import of edible vegetable oil totaled 855,000 tons, up by 10.0% MOM. In 2009, China’s total import of edible oil seeds was 46.331 million tons, up by 18.8% YOY, the first time exceeding 40 million tons. The import of edible vegetable oil grew by 16.3% YOY to 9.502 million tons, also a new record. The import of rapeseeds soared by 1.5 times YOY to 3.29 million tons, while that of palm oil was up by 21.9% YOY to 6.44 million tons.
V. Global output of oil bearing crops in 2009/10 is expected to grow evidently and will effectively address the shortage in supply.
According to FAO’s estimation in December, 2009, global output of oil bearing crops in 2009/10 will reach 440.5 million tons, up by 8.25 and 33.40 million tons more than that of the previous year. The output of soybean will grow by 17.3% YOY to 248 million tons, while that of rapeseeds will remain stable at 58.30 million tons.
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