China Soybean Procurement Policy in 2013

By CnAgri2013-11-20 10:42:42 Print

On Nov. 15, the State Development Commission announced that the government would continue soybean procurement in the Northeast before April 30, 2014, for short-term reserve. The procurement volume was not mentioned. The procurement price was set at RMB4,600/MT (for Grade Three), parallel to last year. The standards of Grade Three soybeans refer to beans with 85% complete seeds, 13% moisture and 1% foreign substance. The price difference between two adjacent grades is RMB40/MT.

Soybean procurement price rose RMB600/MT in 2012 over the previous year, suggesting a price growth of 15%. People generally expect that the procurement price may go up to RMB4,700 ~ 4,800/MT this year. But it turns out that the price remains unchanged this year, a disappointment to farmers.

From “China Oil and Oilseeds Market Weekly Report”