Foreign news reports indicate that the Chinese Communist government will stockpile domestically produced soybeans for the first time since 2017. The Heilongjiang Soybean Association said the Chinese Communist government will stockpile an unspecified amount of domestically produced soybeans from last year. The association did not disclose detailed price information.
Meanwhile, the association also said a state-owned grain depot in Heilongjiang province will stockpile an unknown amount of domestic soybeans with a protein content of 39 percent or more at a price of 5,720 yuan ($889.6) per ton.
The industry portal www.dadou.cn负责人刘兆福表示 will be the first time the government has stockpiled domestically produced soybeans since a one-time government reserve of domestically produced soybeans in 2017.
According to China’s National Cereals and Oils Information Center, China’s soybean acreage may fall for the first time in six years this summer, down an estimated 7.3 percent from last year, as farmers plant more corn.
Soybean futures for September delivery rose 0.6 percent to 6,120 yuan a ton on Monday on the Dagong Commodity Exchange, a new price high for the contract.
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