Topic: Wholesal Children slide e price of soybean oil increases
Wholesal Children slide e price of soybean oil increases
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Wholesale price of soybean oil increasesPublished: 30 Nov 2009 10:02:01 PST<p class="authorInfor"]</p]
By Zhao Qian </p]
The wholesale price of Grade A soybean oil increased 4.5 percent from 7,560 yuan ($1,107.37) to 7,900 yuan ($1,157.17) per ton, in Beijing, according to the Xinhua News agency Monday.</p]
And the wholesale price of some brands of soybean oil in smaller packages also increased. Jinlongyu, Fulinmen and Huifu increased 4 yuan ($0.59), 7 yuan ($1.03) and 5 yuan ($0.73) respectively from 168 yuan ($24.61), 163 yuan ($23.88), and 160 yuan ($23.43) per box.</p]
As of Monday, the retail sale price of soybean oil in some major supermarkets in Beijing had not been raised.</p]
"The increase in international soybean prices is the major cause of the domestic hike because imports account for two thirds of all of China's soybean stockpiles," Jiang Xiaodong, an analyst at Everbright Securities, said Monday.</p]
And the drop in domestic soybeans production this year was another contributing factor, he added.</p]
The domestic production of soybeans this year will decrease 6.7 percent from the previous year, according to the predictions of the grain.gov.cn, a website that provides national grain and oil information.</p]
An analyst was quoted by Xinhua news agency as predicting that the soybean oil price will continue rising through next year's Spring Festival, because of the huge demand in the traditional holidays.</p]
But other analysts believe the soybean oil price will not experience major fluctuations in the near future.</p]
The price will not rise too much because the domestic storage of soybeans is currently sufficient, Zhao Zhiwei, the director of Shanghai Cereals & Oils Management Association, was quoted by Xinmin Evening News as saying.</p]<p align=center] Explore the World, Understand China!
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