Chinese grain traders expected soyabean and corn markets to stay weak in coming days while soyaoil ticked up again for the fourth week, according to a survey by a Chinese think-tank. Traders' outlook for the soyabean market has improved, but was still bearish.
Imports in July and August would be lower than the market expected after shipment of some cargoes was delayed. China imported 1.4 percent fewer soyabeans that usual in the first half of the year. But domestic crushers were back in the market again to buy after the fall of Chicago futures prices, the China National Grain and Oils Information Centre said in a report.
The outlook for soyaoil picked up for the fourth week. Domestic stocks were low while trading firms have stepped up purchases ahead of the Mid-Autumn and National Day holidays. Soyameal stocks were falling and feed mills were more active buyers. The outlook for corn remained weak. Corn piled up in ports in the north.
Sellers were unwilling to sell at lower prices while buyers did not want to take large deliveries in anticipation of falling prices. Wheat market stayed bullish on strong prices in many growing areas.
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