China's grains outlook bullish

Traders' outlook for grains, including wheat, turned bullish while that for soya and soya products became bearish to reflect weak demand, according to a survey by a Chinese grain think-tank.
The outlook for soyabeans remained weak, and crushers have not increased their imports significantly after a decline in Chicago Board of Trade soya prices, said the China National Grain and Oils Information Centre (CNGOIC) in a report.
Stocks of imported soyabeans were still high at ports, with June arrivals seen at 2.8 million tonnes, slightly lower than May's imports of 2.96 million tonnes. The soyameal outlook turned bearish again after last week's short, strong performance. Demand has not improved much and sales of soyameal were sluggish in most of the country. Meal stocks remained high, and that was likely to keep pressure on prices over the coming weeks.