Chinese traders' outlook for soyabean, soya products and corn remains bearish for next week while wheat has picked up, a survey by a Chinese think tank showed on Friday. The soyabean outlook turned bearish after week-high US soyabean prices slowed down purchases by Chinese crushers.
The outlook for soyaoil kept bearish for the fourth straight week. Abundant supplies at home have pressured prices. Traders have been bearish on soyameal since the beginning of the year. Crushers were holding big stocks and fewer poultry and animals had reduced demand for feed. Demand was seen keeping at a low level, it said.
The wheat outlook became bullish with supply tight in some areas, particularly in the northern province of Shandong, where flour mills have started to buy from other provinces. Traders' outlook on corn was bearish for the fourth week. Feed mills and granaries were not active in buying for stocks while demand from corn processing plants was not strong neither. Most were running on poor profits.