Jan. 17 – Jan.

21, 2011
Volume 1, Issue 7

CONTENTS
HIGHLIGHTS 3
The week in review 3

TOP STORY 4
Strong growth potential in China’s fishery industry 4

AGRICULTURAL MARKET OVERVIEW 6

Corn prices to remain stable this year 6
Soybean prices unlikely to rise in first half of 2011 7

GRAIN 11
Jilin to increase grain output to 30 mln tons - report 11
China's crops face more blight and pests this year - report 11
China leased 20 sq kms of Tajikistan farmland 11

MEAT 12
Chuying Agro-Pastoral to establish large Henan pig farm 12

COMPANY NEWS 13
Bright Group profit hits $485.62 mln for 2010 13
Yuntianhua net profit for 2010 to double year-on-year 13

NEWS BRIEFS 14
China plans to improve logistics for agriculture products 14
Premier Wen stresses stable commodity prices in Q1 2011 14
China earmarks $15 bln for agriculture subsidies 14
China's CPI rises 3.3 percent year-on-year in 2010 15

China Agriculture Weekly

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WEEKLY AGRICULTURE PRICES 16

Soft commodities spot market roundup 16
Sugar market 17
Cotton market 19
Soybean market 22
Hog/corn market 28
Sea cucumber market 30

WEEKLY MONITORS - CHINA 34

WEEKLY MONITORS - China 34

INDUSTRY REPORTS - CHINA 35

Industry-specific Reports 35

RESEARCH SERVICES 36
Custom Research 36

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 2

www.interfax.com

HIGHLIGHTS

The week in review

Rising Chinese consumer demand for the sea cucumber forms the basis of this week’s top story.
Appetite for the marine animal has grown beyond its traditional culinary home of Shandong and
Liaoning Province, thanks to the emergence of a Chinese middle-class and the spread of high-
end hotels nationwide. Annual growth of sea cucumber consumption is now 50 percent, accord-
ing to the Ministry of Agriculture (MOA). However, many stocks in the Bohai and Yellow Sea
died from freezing temperatures in January 2010. This has lowered short-term supply and driven
prices up to RMB 200 ($30.35) per kilogram. A lack of suitable farming locations has also lim-
ited the growth of supply, indicating that Chinese consumers may face higher prices in the fu-
ture for their slice of sea cucumber.
State soybean auctions this year picked up where they left off in 2010. Four soybean auctions
totaling 600,000 tons by the National Grain and Oils Trade Center elicited no buyers while sev-
eral auctions involving more than 900,000 tons in Heilongjiang Province also saw a tepid re-
sponse. According to officials though, the government is intentionally overpricing its auctions
to show the market that there is an upper ceiling on soybean prices.
A series of inflation-fighting measures issued by the government last year appears to have pro-
vided some respite after China's consumer price index (CPI), a key gauge of inflation, fell
month-on-month in December. The National Bureau of Statistics (NBS) said that December's
CPI grew by 4.6 percent from a year earlier, down from November's two-year high of 5.1 per-
cent. However, food prices last month rose 11.7 percent year-on-year.
State-owned Bright Food (Group) Co., Ltd. (Bright Group) reported total profits in 2010 of
RMB 3.2 billion ($485.62 million), up 45 percent year-on-year, according to Chinese media.
The financial results come after Bright Group reportedly walked away from a deal to acquire
GNC Holdings Inc., a well-regarded U.S. retailer of nutritional products, after failing to agree
on valuation. The Shanghai-based food conglomerate is also planning to enter China’s competi-
tive infant milk formula market.
In other news, the Ministry of Finance (MOF) announced that China would provide agriculture
subsidies worth RMB 98.6 billion ($14.96 billion) this year. Grain farmers will receive RMB
15.1 billion ($2.29 billion) in direct subsidies while RMB 83.5 billion ($12.67 billion) will be
directed toward agricultural production areas such as machinery and fertilizer. The total subsidy
figure marks a 14 percent increase over 2010.
Subscribers are welcomed to direct any questions, comments or suggestions regarding the China
Agriculture Weekly to subeditor, Colin Shek, at colin.shek@interfax.cn.

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 3

www.interfax.com

TOP STORY

Strong growth potential in China’s fishery industry

Despite rapid growth since the 1970s, China’s fishery industry remains a small fish in China’s
oceanic economy. Until recently, it went largely unnoticed because the Chinese diet included
few aquaculture products, particularly in the arid zones of western and central China. Prior to
World War II though, it was the fourth-largest fishery industry in the world.
China’s output of fishery products in 2010 grew quicker than staple commodities, up 4.6 percent
year-on-year to 53.5 million tons, according to end-year data released by the Ministry of Agri-
culture (MOA). In addition, prices of fishery products were generally more stable compared to
other agricultural products. According to the MOA’s data, the average wholesale price of fish-
ery products was RMB 16.4 ($2.48) per kilogram in the first eleven months of 2010, up 8.5 per-
cent year-on-year. The value of fishery product exports, meanwhile, reached a historical high of
$12 billion, up 17 percent year-on-year.
The impressive statistics show how the tide has changed for China’s fishery industry with fur-
ther reasons for optimism over its prospects.
The recent emergence of a health-conscious middle-class in China has increased the popularity
of fishery products. Chinese consumers are increasingly plumping for what they perceive as
wholesome, nutritious fishery products. Furthermore, a traditional culture of entertaining friends
and business partners has spurred consumption of high-end fishery products such as Australian
lobster, shark fin and sea cucumber.
Sea cucumber is a case in point. The leathery marine animal has evolved from a non-staple food
item into a cultural delicacy reserved for celebrations at ordinary Chinese households. Sea cu-
cumber consumption was traditionally located in the coastal provinces of Shandong and Liaon-
ing but has expanded inwards due to the influx of hotels in first-tier cities like Beijing and
Shanghai.
Consumption of sea cucumber leapt from 2003, according to food data from the MOA between
2002 and 2009, with the compound annual growth rate of sea cucumber consumption reaching
as high as 50 percent.
Suitable locations for raising sea cucumbers are already scarce around the provinces of Shan-
dong and Liaoning. As a result, shortages will be felt within the next few years if China fails to
introduce advanced technologies for farming sea cucumber. Domestic sea cucumber output did
not grow last year and is forecast to be around 110,000 tons in 2011. However, sea cucumber
consumption is estimated to grow by 16 percent in 2011 over the previous year.
Sea cucumber harvesting in China usually occurs between April and May and from November
to December, with the peak consumption season being winter. However, much of the sea cu-
cumber population in the Bohai and Yellow Sea perished due to freezing temperature in January
2010. Supply is therefore likely to fall this year as sea cucumber larvae normally take two to
three years to reach adulthood. Domestic sea cucumber prices have already risen to RMB 200
($30.35) per kilogram in response.
The number of sea cucumber traders has flourished in recent years thanks to the popularity and
rising price of their commodity. Inflation expectations remains high in China and dried sea cu-

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 4

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cumber, which can be reserved for four to five years, is now regarded as an ideal fishery product
to curb inflation.
China harvested around 100,000 tons of sea cucumber last year. Barriers to entry into the mar-
ket remain high though so existing players will enjoy high profit margins. However, the high
cost of entry will also hinder short-term growth in output. With supply constrained and market
demand growing, sea cucumber prices appears destined for a long-term rise.

Sea cucumber prices at major cities (RMB/kg)

220

190

160

130

100
9- - 09

9- - 09

9- - 10

9- - 10

9- - 10

9- - 10

9- - 10

9- - 10

11
9- - 09

9- - 09

9- - 09

9- - 09

n-
n

p
an

v
y

r
r

l
l

No

Ja

Ma

Ma

Ju

Se

No

Ja
Ma

Ma

Ju

Se
J
9-

Source: Ministry of Agriculture

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 5

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AGRICULTURAL MARKET OVERVIEW

Corn prices to remain stable this year

China’s corn plantation area rose over the course of 2010, largely because declining soybean
prices in 2009 prompted farmers to switch to corn instead.
Statistics from local governments in northeastern China show that corn planting area in the re-
gion totaled 100,000 acres (404.68 square kilometers). For the whole country, corn acreage
numbered 30.4 million acres (123,024.43 square kilometers).
Drought conditions in northern and northeastern China last spring did not greatly affect corn
output for 2010. Central government subsidies for agricultural production, including purchases
of agricultural machinery, improved corn production. Farmers that Interfax interviewed in the
fourth quarter (Q4) of 2010 said the productivity per acre of corn increased year-on-year
in 2010.
At the start of last December, the China National Grain and Oils Information Center (CNGOIC)
forecast corn output for 2010 to rise five percent year-on-year to 172.5 million tons. Interfax’s
own calculations suggest a more conservative output of between 164 million to 168 million
tons, up by three percent at the most from 164 million tons in 2009. The National Statistics Bu-
reau intends to release the final figure at the beginning of Q2 this year.
CNGOIC does not expect China’s corn supply in 2011 to fall year-on-year. Although the central
government auctioned state corn inventories in Q4 2010, a source close to the Ministry of
Commerce (MOFCOM) said the government will not add state corn inventory this year. Corn
supply will, therefore, be sufficient in 2011, barring any dramatic increase in market demand
for corn.
On the cost side, the average cost of planting corn rose slightly year-on-year to roughly RMB
556 ($84.38) per mu (note: mu is a Chinese unit, roughly equal to 666.67 square meters), ac-
cording to a report obtained from local governments in northeastern provinces. Interfax previ-
ously reported that state subsidies for fertilizer purchases drove down fertilizer prices. However,
fuel and labor costs increased. These factors and others resulted in relatively stable corn plant-
ing costs. The report also forecast that improved corn productivity would see planting costs fall
to around RMB 430 ($65.26) per mu this year.
Figures from the General Administration of Customs (GAC) showed that China’s corn imports
reached 1.56 million tons in the first eleven months of 2010, compared to only 50,000 tons in
the same period last year. Import figures for the entirety of 2010 are expected to be announced
next week but it is likely China became a net importer of corn last year. Unlike sugar and cot-
ton, which have seen annual supply slide year-on-year, China had abundant corn last year with
oversupply in some regions. But there is uncertainty whether corn imports will continue to in-
crease this year. Latin America - China’s second largest source for corn imports – has been hit
hard by drought this production season, which will impact China’s imports. Meanwhile, rising
corn prices overseas have forced the central government to cancel several million tons worth of
corn imports. For the short-term at least, the government believes there is sufficient domestic
corn supply.
Projections from some foreign research institutions that China’s total corn imports will approach
10 million tons by 2015 appear overoptimistic. Firstly, corn production in China is more

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 6

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mechanized than soybean, which is still labor-intensive. There is, therefore, greater scope for
China to maintain stable corn output. Secondly, market demand for corn in China has slowed
compared to soybean, mainly because the latter is more widely used.
In terms of market demand, meat producers had their profits squeezed last year, which lowered
their market confidence. Lower profits will drive a decline in China’s meat supply this year,
culminating in supply strains by Q2.
China’s pig breeding stock numbered some 45.47 million animals, down 2.4 percent year-on-
year and almost unchanged quarter-on-quarter, according to Ministry of Agriculture (MOA)
data from mid-December. The number of sows fell 0.6 percent month-on-month to 4.66 million,
down 4.3 percent year-on-year.
As well as livestock feed, corn is also used as the major component of starch production in
China. Domestic starch prices remained stable in 2010 although prices rose in the second half of
the year.
Starch is also widely used in sugar processing. Starch prices in some regions have already begun
rising as China enters its peak sugar consumption season. However, it appears starch’s price
spike will have a limited effect on corn prices, mainly because of ample corn supply.

Corn price and hog/corn ratio from Jan 8 to Dec 10, 2010 (RMB/kg)
7.50 2.15

7.00 2.10
2.05
6.50
2.00
6.00
1.95
5.50
1.90
5.00
1.85
4.50 Hog/ cor n r at i o 1.80
Cor n
4.00 1.75

10 10 10 10 10 10 10 10 10 10 10 10 10 11
an- eb- ar - pr - ay- un- ul - ul - ug- ep- ct - ov- ec- an-
J F M A M J J J A S O N D J
8- 5- 12- 9- 7- 4- 2- 30- 27- 24- 22- 19- 17- 14-

Source: Ministry of Finance

Soybean prices unlikely to rise in first half of 2011

State soybean auctions so far this year have continued 2010’s miserly trend of no buyers. A
191,000 ton soybean auction on Jan. 7 in Heilongjiang Province and a 296,400 ton auction in
Anhui Province four days later both saw no bids.
The National Grain and Oils Trade Center has already conducted four soybean auctions totaling
600,000 tons this year with no interest whatsoever. Several auctions totaling more than 900,000
tons by the Heilongjiang provincial government have also been poorly received with only a
small amount in the first-round auction sold. High prices as well as the poor quality of the lots
are the main reasons behind the lack of interest.

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 7

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Market watchers have questioned why the government has fixed its auction prices at the high-
end of the market in that knowledge that doing so would lower bid interest. The reason is be-
cause selling the lots is not the main goal of the auctions, according to government officials who
asked to remain anonymous because they were not authorized to speak on the matter. Instead,
the auctions are priced high deliberately to lower market expectations and stabilize prices, the
officials said. Auctions with no bids, they said, indicate that the market is unwilling to accept
high prices.
Furthermore, the high auction prices boost farmers’ confidence in their profits from soybean,
which ensures that they continue to grow soybean. This is crucial as China is struggling to meet
huge market demand for soybean at present, even with huge imports from the U.S.
Since 2008, China’s central government has purchased more than six million tons of soybeans
in total. The amply state soybean inventory has helped see off any dramatic price hikes. The
lack of interest at soybean auctions suggests that domestic soybean prices are under pressure
and lack upside potential.
Any changes in corn price this year will also affect China’s future soybean supply. Declining
soybean prices last drop prompted some farmers to switch to planting corn instead. If corn con-
tinues to be a more lucrative crop, soybean prices will rise in one to two years because of de-
clines in soybean plantation area.
Another point of note is that soybean imports increased significantly in 2010, which some ana-
lysts attributed to fluctuating domestic demands. However, a number of soybean processors said
that in the first half of 2010, China suspended soybean oil imports from Argentina due to tariff
disputes between the two countries. In the previous five years, China imported between one and
two million tons of soybean oil from Argentina annually. In order to meet domestic soybean oil
demands, China increased soybean imports in order to raise its processing amount of soybean
oil.
China imported 6.87 million tons of soybean oil in 2010, down 1.29 million tons year-on-year,
according to the General Administration of Customs. Based on this figure, soybean oil proces-
sors will have to increase their soybean imports by 6.8 million to 7.2 million tons in order to
supplement domestic soybean oil supply.
Meanwhile, China’s soybean imports hit a historic peak of 5.48 million tons soybean in 2010,
up 1.225 million tons year-on-year. Year-on-year growth in 2010 was also the highest for the
past five years.
Soybean processors also said that supplementing soybean oil shortages was not the only reason
behind China’s increased soybean imports last year. In the first half of 2010, the trading price of
soybeans at the Chicago Mercantile Exchange (CME) was less than $900 cents, equaling a
freight on board (FOB) price of between RMB 3,100 ($470.44) and RMB 3,200 ($485.62) per
ton. As such, soybean processors in China generally increased their imports. At the end of 2010,
FOB price of imported soybean has returned to RMB 4,300 ($652.55) to RMB 4,500 ($682.90)
per ton.
China’s soybean processing capacity is expected to exceed 90 million tons this year. The com-
bined processing capacity of the three largest soybean processors was only 27 million tons
in 2009.
Since processors are expanding their capacity, the growth of soybean imports will slow in 2011
although imports will continue to increase year-on-year. Since China is once again importing
Argentinean soybean oil, we believe that domestic soybean supply will increase this year.
With a large amount of soybean inventory purchased in 2008 perishing soon, the government is
likely to continue auctioning off its stocks. Increased domestic supply will therefore decrease

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China’s need to import soybean. The increase in domestic soybean supply will also outweigh
the expected drop in soybean imports, which means the latter will have a limited impact on do-
mestic soybean prices.
In terms of market demand, the U.S. Department of Agriculture (USDA) forecast that China’s
soybean output will total roughly 14.4 million tons for the 2010/2011 production season and
that the country will consume 68.85 million tons of soybean.
However, the National Grain and Oils Information Center (CNGOIC), China’s top commodity
research institution, gave lowered projections than the USDA. It predicted that total soybean
supply in China will be around 69 million tons with 15 million tons contributed domestically
and that China would consume 67 million tons of soybean for the 2010/2011 season.
Domestic soybean output is likely to be hampered due to largely unfavorable weather conditions
in important soybean planting regions last year. Consequently, CNGOIC’s forecast appears
more realistically but actual figures may be even lower.

Soybean import prices at major ports (RMB/ton)

4, 400

4, 200

4, 000

3, 800
Dal i n , CI F
3, 600 Ti anj i n , CI F
3, 400 Qi ngdao , CI F
Guangdong , CI F
3, 200
10 10 10 10 10 10 10 11 11
ov- Nov- Dec- Dec- Dec- Dec- Dec- Jan- Jan-
- N 25- 2- 9- 16- 23- 30- 6- 13-
18
Source: General Administration of Customs

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10

Port inventory and consumption of soybean (thousand tons)

6,800 600.0

6,600 500.0
6,400
400.0
6,200
300.0
6,000
200.0
5,800
100.0
5,600 Por t - I nvent or y
Por t - Consumpt i on
5,400 0.0

10 10 - 10 - 10 10 10 10 10 - 11 11 11
- Nov- - Nov- - Dec - Dec - Dec- - Dec- - Dec- - Dec- - J an - Jan- - Jan-
22 26 2 8 14 20 24 30 6 12 18

Source: Ministry of Transport, market research

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11

GRAIN

Jilin to increase grain output to 30 mln tons - report

Jilin Province, one of China's main grain production areas, has targeted a grain output of 30 mil-
lion tons for this year, state media reported Jan. 17.
The Jilin provincial government will also raise sales revenue of its agricultural products proc-
essing industry to RMB 300 billion ($45.49 billion) in 2011, an increase of 18 percent year-on-
year, according to a report in the Farmers’ Daily.
To meet the targets, the government will increase investment in infrastructure and enlarge crop
plantation areas. Around RMB 12.3 billion ($1.87 billion) will also be invested in land man-
agement to boost production, the report said.
Jilin's grain output rose 19.92 percent year-on-year to hit a total of 29.5 million tons in 2010.

China's crops face more blight and pests this year - report
Incidents of agricultural blight and crop damage in China this year are expected to surpass last
year, state media reported Jan. 17.
According to Farmers’ Daily report, the National Agro-Tech Extension and Service Center, a
Beijing-based research institute, issued the forecast based on weather conditions expected this
coming summer and the present health of key crops.
Sheath blight is expected to affect many rice plantations while locusts and cotton bollworm will
be prevalent in north China and Xinjiang Uyghur Autonomous Region, the report said.
Pests and blight cost China between 35 million and 50 million tons of grain each year, said Xu
Hongzhi, an analyst with industry consultancy Beijing Orient Agribusiness Consultant Co., Ltd
(BOABC).
Pesticide sales in 2011 will be higher than last year's total of RMB 70 billion ($10.62 billion),
Xu added.

China leased 20 sq kms of Tajikistan farmland

The government of the Xinjiang Uyghur Autonomous Region has signed an agreement with Ta-
jikistan permitting Chinese farmers access to 2,000 hectares (20 square kilometers) of arable
land in the central Asian country, Tajikistan's Deputy Agriculture Minister Sijovuddin Isroilov
announced Jan. 18.
The land, located in the southern Khatlong region, will be used to grow rice, according to the
announcement.
Isroilov decline to offer any financial details.
On Jan. 12, Tajikistan ratified a protocol on the demarcation of the Tajik-Chinese border, agree-
ing to give 1,100 square kilometers to China.

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12

MEAT

Chuying Agro-Pastoral to establish large Henan pig farm

Henan Chuying Agro-Pastoral Co., Ltd (Chuying Agro-Pastoral) signed an agreement on Jan.
18 with the government of Sanmenxia City, Henan Province, paving the way for a RMB 4 bil-
lion ($607.18 million) investment in a pig breeding farm, the company announced Jan. 20.
The eco-friendly farm will span an area of 400,000 mu (268 square kilometers) and be capable
of handling one million pigs annually, according to the announcement. It will also include facili-
ties for meat and feed processing.
Chuying Agro-Pastoral, one of China's largest pig farmers, said the investment decision was
based on the growth potential of China's pork market.
The value of China's pork industry reached roughly RMB 1 trillion ($151.82 billion) last year,
according to Guo Huiyong, an industry analyst with Beijing Orient Agribusiness Consultant
Co., Ltd.
Chuying Agro-Pastoral's net profit rose 64.17 percent year-on-year to RMB 42.03 million
($6.38 million) in the third quarter last year. Its net profit for the first three quarters of 2010 hit
RMB 73.83 million ($11.21 million), up 16.99 percent year-on-year.
Its shares on the Shenzhen Stock Exchange closed at RMB 46.10 ($7.00) after morning trading
on Jan. 20, down 0.39 percent from the previous trading day.
China produced 50.7 million tons of pork in 2010, according to the National Bureau of Statistics.

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13

COMPANY NEWS

Bright Group profit hits $485.62 mln for 2010

Bright Food (Group) Co., Ltd.'s (Bright Group) profits increased 45 percent year-on-year to
RMB 3.2 billion ($485.62 million) in 2010, state media reported Jan. 20.
Sales revenue for the state-owned food conglomerate reached RMB 61.8 billion ($9.38 billion),
a 22 percent increase over 2009's revenue, Shanghai Securities News reported.
Bright Group's revenue for this year is expected to top RMB 70 billion ($10.62 billion), the re-
port said.
The release of the group's financial data comes on the heels of Jan. 20 foreign media reports that
Bright Group walked away from a deal to acquire GNC Holdings Inc., a well-regarded U.S. re-
tailer of nutritional products, after failing to agree on valuation.
Founded in 2006, Bright Group has registered capital of RMB 3.43 billion ($520.60 million).
The company has four farms on the outskirts of Shanghai, as well as a rice farm in Da Feng City
of Jiangsu Province, and tea and dairy farms in Anhui Province's Huang Shan City.
According to the Shanghai Securities News report, the company produced 1.2 million tons of sugar
last year with sales revenue for sugar reaching RMB 10 billion ($1.52 billion) in the same period.
Bright Group plans to diversify its product portfolio to include infant milk formula, the report
said, citing comments made by the company chairman Wang Zongnan.
Wang said the Shanghai-based company was considering the acquisitions of a rice wine distiller
in Zhejiang Province, one of China's main winemaking regions.
Meanwhile, the company is preparing to list its sugar-producing subsidiary, Yunnan Yinmore
Sugar Company Ltd., on an overseas stock exchange, the report cited Wang as saying.
Bright Group's subsidiaries Bright Dairy & Food Co., Ltd., Shanghai First Provisions Store Co.,
Ltd. Shanghai Maling Aquarius Co., Ltd. and Shanghai Haibo Co., Ltd. are listed on the Shang-
hai Stock Exchange.

Yuntianhua net profit for 2010 to double year-on-year

South China's Yunnan Yuntianhua Co., Ltd. (Yuntianhua), the fertilizer-producing subsidiary of
chemical conglomerate Yuntianhua Group, announced Jan. 18 that it expects net profit for 2010
to grow at least 100 percent year-on-year.
The forecast - posted on Yuntianhua's Web site - attributed the rise to an increase in sales and
price of liquid ammonia and glass fiber.
The company generated RMB 77.33 million ($11.74 million) in net profit for 2009. Its net profit for
the third quarter last year plunged 67.94 percent year-on-year to RMB 18.34 million ($2.78 million).
Shanghai Stock Exchange-listed Yuntianhua has an annual production capacity of 1.6 million
tons of carbamide, 1.5 million of synthetic ammonia and 600,000 tons of compound fertilizer.
Its assets were worth RMB 22.5 billion ($3.42 billion) in total as of September last year.
Its shares closed at RMB 23.50 ($3.57) after morning trading on Jan. 18, up 0.56 percent from
the previous trading day.

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14

NEWS BRIEFS

China plans to improve logistics for agriculture products

China will build more logistics centers for distributing agricultural products nationwide and en-
courage the development of chain stores this year, the Ministry of Commerce (MOFCOM) said
at a Jan. 18 press briefing in Beijing.
MOFCOM spokesman Yao Jian said expenditures in agricultural infrastructure such as cold
storage sites and markets would also be increased in 2011.
Meanwhile, local governments are taking steps to boost vegetable supply in time for the Spring
Festival holiday (beginning Feb. 2), Yao added, without elaborating.
The average wholesale price of 18 staple vegetables during the week beginning Jan. 3 rose 6.2
percent over the previous week, Interfax previously reported.

Premier Wen stresses stable commodity prices in Q1 2011

Chinese Premier Wen Jiabao has highlighted stabilizing commodity prices as one of the key
tasks for the central government in the first quarter (Q1) of 2011, state media reported Jan. 18.
Local governments should keep commodity prices stable and ensure sufficient supply of staple
agricultural products, official Xinhua news agency reported Wen as saying in a State Council
plenary meeting on Jan. 18.
Wen also said crops needed better protection during winter and spring. Freezing weather in
southern China since the start of this year has damaged 744,900 hectares (7,449 square kilome-
ters) of farmland.

China earmarks $15 bln for agriculture subsidies

China will provide agriculture subsidies worth RMB 98.6 billion ($14.96 billion) this year, the
Ministry of Finance (MOF) announced Jan. 20.
According to the announcement, the breakdown of the subsidies will see RMB 15.1 billion
($2.29 billion) go to grain farmers and RMB 83.5 billion ($12.67 billion) directed toward agri-
cultural production areas such as machinery and fertilizer. The total subsidy figure marks a 14
percent increase over 2010.
Local governments will be responsible for distributing the funds, the MOF added.
Roughly RMB 13.4 billion ($2.02 billion) in separate subsidies will also go toward protecting
grazing lands, Interfax previously reported.
Subsidies for farmers and agricultural production totaled RMB 86.7 billion ($13.16 billion) in
2009. Total agricultural subsidies last year, including spending on fine breeds and hi-tech ma-
chinery, reached RMB 134.5 billion ($20.29 billion).

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15

China's CPI rises 3.3 percent year-on-year in 2010

China's consumer price index (CPI), a key gauge of inflation, rose by 3.3 percent year-on-year
in 2010 while food prices increased 7.2 percent over the same period, the National Bureau of
Statistics (NBS) announced Jan. 20.
December's CPI grew by 4.6 percent from a year earlier, down from November's two-year high
of 5.1 percent, according to the announcement.
Food prices in December increased 11.7 percent year-on-year, while China's meat production
hit 77.8 million tons in 2010, up 3.6 percent.
Chinese consumers face further price rises this year despite a series of inflation-fighting meas-
ures by the central government in the second half of 2010, said Ma Jiantang, the NBS's commis-
sioner, at a news briefing in Beijing on Jan. 20.
Price growth data released by the Ministry of Commerce (MOFCOM) indicates that January's
CPI will likely rise at least 5.3 percent annually, Zhou Binglin, an analyst with Guosen Securi-
ties Co., Ltd told Interfax on Jan. 20.
The average wholesale price of 18 staple vegetables in 36 large to medium-sized cities during
the week starting Jan. 10 rose 6.1 percent over the previous week, MOFCOM announced
Jan. 19.

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 15

www.interfax.com

16

WEEKLY AGRICULTURE PRICES

Soft commodities spot market roundup

The tables below show the spot market prices and places of production for domestically pro-
duced soft commodities for the beginning of each week in December 2010 and the beginning of
the first three weeks of January, 2011.

Spot prices for domestically produced corn, January 17, 2011

Region Area Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Note
Northeast Port
China Dalian 2078 2058 2066 2070 2070 2060 2080 price
Changchun 1950 1946 1930 1930 1930 1930 1930
Harbin 1860 1860 1864 1880 1880 1900 1900
North Qingdao 2080 2070 2070 2070 2070 2070 2070
China
Zhengzhou 2000 1980 2000 2000 2000 2000 2000
Shijiazhuang 1980 1968 1960 1960 1960 1960 1960
East Port
China Shanghai 2180 2180 2160 2160 2160 2160 2180 price
Port
Ningbo 2240 2234 2230 2230 2230 2230 2230 price
Nanjing 2166 2150 2150 2150 2150 2150 2150
Central
China Wuhan 2250 2230 2200 2200 2250 2250 2250
Southwest Station
China Chengdu 2260 2284 2312 2320 2320 2320 2340 price
South
China Shekou 2188 2170 2162 2180 2180 2180 2170
Source: Interfax China
Unit: RMB/MT

Spot prices for domestically produced wheat, January 17, 2011

Region Area Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Note
North Shijiazhuang 2180 2180 2180 2180 2180 2180 2180
China
Handan 2156 2120 2112 2100 2100 2090 2090
Tianjin 2200 2200 2200 2200 2200 2200 2200
Zhengzhou 2080 2100 2080 2080 2080 2080 2080
Zibo 2200 2190 2150 2150 2150 2150 2150
East
China Shanghai 2160 2160 2160 2160 2160 2160 2160
South
China Guangzhou 2250 2250 2250 2250 2250 2250 2250
Source: Interfax China
Unit: RMB/MT

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 16

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17

Spot prices for domestically produced soybean, January 17, 2011

Region Area Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Note
Local- Harbin 3880 3880 3880 3860 3860 3860 3860
Northeast
Jiamusi 3780 3780 3780 3780 3780 3800 3800
Heihe 3800 3800 3800 3800 3800 3860 3860
Imported- Distribution
US price at
port
East
China Zhangjiagang 4150 4120 4100 4100 4100 4100 4300
North
China Rizhao 4100 4070 4050 4020 4080 4080 4300
NE China Dalian 4050 4050 4050 4050 4050 4050 4260
Source: Interfax China
Unit: RMB/MT

Spot prices for domestically produced rapeseed, January 17, 2011

Region Area Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Note
Central
China Jingzhou 4300 4300 4500 4500 4500 4500 4500
East Nantong 4400 4400 4600 4600 4600 4600 4600
China
Chaohu 4700 4700 4600 4600 4600 4600 4600
North
China Hulunbeier 4600 4600 4600 4600 4600 4600 4600
Southwest
China Chengdu 4900 4900 4900 4900 4900 4900 4900
Source: Interfax China
Unit: RMB/MT

Sugar market
The table below shows the price per ton and places of production for domestically produced
sugar between Nov. 19, 2010 and Jan. 18, 2011.

Sugar prices in major production regions from Nov. 19, 2010 to Jan. 18, 2011 (RMB/ton)
Date Guangxi Yunnan
2010/11/19 6,700.00 6,600.00
2010/11/22 6,700.00 6,500.00
2010/11/23 6,800.00 6,500.00
2010/11/24 6,800.00 6,550.00
2010/11/25 6,850.00 6,600.00
2010/11/26 6,800.00 6,850.00
2010/11/29 6,900.00 6,850.00
2010/11/30 6,990.00 6,850.00
2010/12/01 7,015.00 6,950.00
2010/12/02 7,050.00 6,975.00

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18

Date Guangxi Yunnan

2010/12/03 7,025.00 6,975.00
2010/12/06 6,950.00 7,050.00
2010/12/07 6,950.00 7,040.00
2010/12/08 6,850.00 7,040.00
2010/12/09 6,850.00 7,000.00
2010/12/10 6,850.00 7,035.00
2010/12/13 6,890.00 7,025.00
2010/12/14 6,890.00 7,075.00
2010/12/15 6,810.00 7,010.00
2010/12/16 6,800.00 7,035.00
2010/12/17 6,820.00 7,065.00
2010/12/20 6,895.00 7,075.00
2010/12/21 6,855.00 7,125.00
2010/12/22 6,870.00 7,140.00
2010/12/23 6,890.00 7,140.00
2010/12/24 7,000.00 7,165.00
2010/12/27 7,000.00 7,165.00
2010/12/28 7,070.00 7,165.00
2010/12/29 7,065.00 7,165.00
2010/12/30 7,050.00 7,125.00
2010/12/31 6,990.00 7,025.00
2011/01/04 7,050.00 7,015.00
2011/01/05 7,025.00 7,015.00
2011/01/06 7,020.00 7,010.00
2011/01/07 6,900.00 6,925.00
2011/01/10 6,950.00 6,865.00
2011/01/11 6,935.00 6,875.00
2011/01/12 6,980.00 6,925.00
2011/01/13 6,955.00 6,915.00
2011/01/14 6,980.00 6,925.00
2011/01/17 6,975.00 6,925.00
2011/01/18 6,965.00 6,925.00

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 18

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19

7, 500
Guangxi Yunnan
7, 000

6, 500

6, 000

5, 500

5, 000
0 0 0 0 0 0 0 0 0 0 0 1 1 1
v/ 1 ov/ 1 ov/ 1 ec
/1
ec
/1
ec
/1
ec
/1
ec
/1
ec
/1
ec
/1
ec
/1 an
/1
an
/1
an
/1
/ No / N / N / D / D / D / D / D / D / D / D / J / J / J
19 24 29 2 7 10 15 20 23 28 31 6 11 14

Source: Guangxi Sugar Association

Cotton market
The table below shows the daily price per ton and places of production for domestically pro-
duced cotton between Nov. 19, 2010 and Jan. 18, 2011.

Cotton prices in major production regions from Nov. 19, 2010 to Jan. 18, 2011 (RMB/ton)
Date Xinjiang Anhui Hebei Henan Hubei Jiangsu Shandong
2010/11/19 29,500.00 29,213.00 29,367.00 29,243.00 29,230.00 29,375.00 29,375.00
2010/11/22 29,500.00 29,013.00 29,283.00 29,029.00 29,000.00 29,175.00 29,275.00
2010/11/23 29,000.00 28,513.00 28,833.00 28,514.00 28,571.00 28,608.00 28,562.00
2010/11/24 28,500.00 28,138.00 28,267.00 28,000.00 28,143.00 28,267.00 28,009.00
2010/11/25 28,000.00 27,713.00 27,917.00 27,500.00 27,671.00 27,917.00 27,555.00
2010/11/26 27,500.00 26,713.00 27,500.00 27,286.00 27,314.00 27,625.00 27,355.00
2010/11/29 27,000.00 26,963.00 27,083.00 27,000.00 27,029.00 27,125.00 27,009.00
2010/11/30 27,000.00 26,888.00 27,083.00 27,000.00 26,929.00 27,108.00 26,979.00
2010/12/01 27,000.00 26,805.00 27,083.00 26,857.00 26,866.00 27,058.00 26,979.00
2010/12/02 27,100.00 26,963.00 27,083.00 26,986.00 26,909.00 27,194.00 27,099.00
2010/12/03 27,500.00 27,138.00 27,250.00 26,986.00 26,909.00 27,194.00 27,199.00
2010/12/06 27,600.00 27,288.00 27,500.00 27,129.00 27,123.00 27,403.00 27,219.00
2010/12/07 27,600.00 27,438.00 27,650.00 27,271.00 27,123.00 27,536.00 27,412.00
2010/12/08 27,600.00 27,598.00 27,817.00 27,414.00 27,194.00 27,619.00 27,559.00
2010/12/09 27,600.00 27,598.00 27,900.00 27,414.00 27,251.00 27,619.00 27,559.00
2010/12/10 27,600.00 27,923.00 28,008.00 27,514.00 27,380.00 27,736.00 27,559.00
2010/12/13 27,650.00 27,923.00 28,008.00 27,514.00 27,380.00 27,819.00 27,692.00
2010/12/14 27,750.00 27,923.00 28,058.00 27,943.00 27,380.00 27,911.00 27,772.00
2010/12/15 28,000.00 27,923.00 28,258.00 28,086.00 27,909.00 28,161.00 27,865.00
2010/12/16 28,000.00 28,023.00 28,292.00 28,086.00 27,909.00 28,161.00 27,905.00

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 19

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20

Date Xinjiang Anhui Hebei Henan Hubei Jiangsu Shandong

2010/12/17 28,000.00 28,073.00 28,292.00 28,229.00 28,051.00 28,244.00 28,092.00
2010/12/20 28,000.00 28,123.00 28,375.00 28,229.00 28,051.00 28,394.00 28,225.00
2010/12/21 28,050.00 28,148.00 28,467.00 28,314.00 28,094.00 28,478.00 28,305.00
2010/12/22 28,150.00 28,265.00 28,603.00 28,457.00 28,166.00 28,544.00 28,352.00
2010/12/23 28,200.00 28,308.00 28,663.00 28,529.00 28,209.00 28,628.00 28,405.00
2010/12/24 28,200.00 28,308.00 28,663.00 28,529.00 28,209.00 28,578.00 28,405.00
2010/12/27 28,200.00 28,383.00 28,663.00 28,529.00 28,209.00 28,578.00 28,405.00
2010/12/28 28,200.00 28,383.00 28,663.00 28,529.00 28,209.00 28,578.00 28,405.00
2010/12/29 28,200.00 28,375.00 28,663.00 28,529.00 28,209.00 28,578.00 28,409.00
2010/12/30 28,200.00 28,375.00 28,663.00 28,529.00 28,209.00 28,578.00 28,415.00
2010/12/31 28,200.00 28,375.00 28,663.00 28,529.00 28,209.00 28,586.00 28,422.00
2011/01/04 23,200.00 28,400.00 28,663.00 28,529.00 28,209.00 28,586.00 28,462.00
2011/01/05 23,300.00 28,425.00 28,663.00 28,571.00 28,337.00 28,603.00 28,542.00
2011/01/06 28,300.00 28,425.00 28,663.00 28,579.00 28,337.00 28,615.00 28,542.00
2011/01/07 28,300.00 28,500.00 28,663.00 28,579.00 28,409.00 28,615.00 28,582.00
2011/01/10 28,300.00 28,500.00 28,663.00 28,579.00 28,416.00 28,623.00 28,575.00
2011/01/11 28,400.00 28,500.00 28,663.00 28,579.00 28,416.00 28,648.00 28,575.00
2011/01/12 28,400.00 28,525.00 28,697.00 28,607.00 28,573.00 28,715.00 28,602.00
2011/01/13 28,500.00 28,600.00 28,780.00 28,607.00 28,573.00 28,715.00 28,602.00
2011/01/14 28,500.00 28,600.00 28,822.00 28,656.00 28,601.00 28,715.00 28,635.00
2011/01/17 28,500.00 28,620.00 28,858.00 28,656.00 28,621.00 28,715.00 28,635.00
2011/01/18 28,500.00 28,645.00 28,867.00 28,670.00 28,636.00 28,723.00 28,635.00

30, 000
Xi nj i ang Anhui
29, 000 Hebei Henan
Hubei Ji angsu
28, 000
Shandong
27, 000

26, 000

25, 000

24, 000

23, 000
0 0 0 0 0 0 0 0 0 0 0 1 1 1
/1 /1 /1 /1 /1 /1 /1 /1 /1 /1 /1 /1 /1 /1
Nov Nov Nov / Dec / Dec Dec Dec Dec Dec Dec Dec / J an Jan Jan
19/ 24/ 29/ 2 7 10/ 15/ 20/ 23/ 28/ 31/ 6 11/ 14/

Source: China National Cotton Exchange

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 20

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21

The table below shows the daily price per ton and places of production for cotton futures be-
tween Nov. 19, 2010 and Jan. 18, 2011.

Cotton futures in major production regions from Nov. 19, 2010 to Jan. 18, 2011 (RMB/ton)
Xinjiang Anhui Hebei Henan Hubei Jiangsu Shandong
2010/11/19 28,800.00 28,700.00 28,703.00 28,575.00 28,586.00 28,778.00 28,541.00
2010/11/22 28,800.00 28,250.00 28,515.00 28,300.00 28,300.00 28,422.00 28,277.00
2010/11/23 28,300.00 27,700.00 27,978.00 27,900.00 27,800.00 27,956.00 27,805.00
2010/11/24 27,800.00 27,400.00 27,228.00 27,200.00 27,357.00 27,600.00 27,018.00
2010/11/25 27,300.00 26,900.00 26,965.00 26,713.00 27,114.00 27,189.00 26,609.00
2010/11/26 26,800.00 26,800.00 26,715.00 26,563.00 26,643.00 26,856.00 26,555.00
2010/11/29 26,200.00 26,050.00 26,303.00 26,175.00 26,100.00 26,478.00 26,282.00
2010/11/30 26,200.00 26,000.00 26,240.00 26,175.00 26,000.00 26,400.00 26,282.00
2010/12/01 26,200.00 26,000.00 26,240.00 26,063.00 25,864.00 26,244.00 26,245.00
2010/12/02 26,300.00 26,155.00 26,388.00 26,181.00 26,007.00 26,289.00 26,291.00
2010/12/03 26,800.00 26,355.00 26,613.00 26,181.00 26,207.00 26,294.00 26,414.00
2010/12/06 27,000.00 26,505.00 26,738.00 26,431.00 26,307.00 26,550.00 26,414.00
2010/12/07 27,000.00 26,705.00 26,775.00 26,531.00 26,307.00 26,733.00 26,595.00
2010/12/08 27,000.00 26,865.00 26,988.00 26,531.00 26,379.00 26,839.00 26,768.00
2010/12/09 27,000.00 26,865.00 27,063.00 26,531.00 26,436.00 26,839.00 26,768.00
2010/12/10 27,000.00 27,065.00 27,063.00 26,569.00 26,607.00 26,856.00 26,768.00
2010/12/13 27,050.00 27,065.00 27,063.00 26,569.00 26,650.00 26,967.00 26,859.00
2010/12/14 27,050.00 27,065.00 27,188.00 26,869.00 26,664.00 27,033.00 26,868.00
2010/12/15 27,150.00 27,065.00 27,400.00 26,994.00 26,807.00 27,222.00 27,068.00
2010/12/16 27,150.00 27,215.00 27,425.00 26,994.00 26,807.00 27,289.00 27,095.00
2010/12/17 27,150.00 27,315.00 27,419.00 27,106.00 26,807.00 27,289.00 27,232.00
2010/12/20 27,150.00 27,425.00 27,506.00 27,106.00 26,807.00 27,383.00 27,347.00
2010/12/21 27,200.00 27,475.00 27,581.00 27,181.00 26,914.00 27,422.00 27,375.00
2010/12/22 27,300.00 27,575.00 27,631.00 27,288.00 27,071.00 27,478.00 27,375.00
2010/12/23 27,350.00 27,605.00 27,706.00 27,338.00 27,114.00 27,550.00 27,435.00
2010/12/24 27,350.00 27,565.00 27,656.00 27,338.00 27,114.00 27,511.00 27,488.00
2010/12/27 27,350.00 27,565.00 27,656.00 27,338.00 27,114.00 27,511.00 27,488.00
2010/12/28 27,400.00 27,615.00 27,706.00 27,413.00 27,229.00 27,578.00 27,488.00
2010/12/29 27,400.00 27,615.00 27,706.00 27,413.00 27,229.00 27,578.00 27,497.00
2010/12/30 27,400.00 27,615.00 27,706.00 27,419.00 27,229.00 27,589.00 27,511.00
2010/12/31 27,400.00 27,600.00 27,706.00 27,419.00 27,243.00 27,594.00 27,520.00
2011/01/04 27,400.00 27,700.00 27,706.00 27,431.00 27,257.00 27,606.00 27,520.00
2011/01/05 27,500.00 27,750.00 27,706.00 27,456.00 27,429.00 27,739.00 27,602.00
2011/01/06 27,500.00 27,750.00 27,706.00 27,456.00 27,429.00 27,789.00 27,606.00
2011/01/07 27,500.00 27,750.00 27,719.00 27,544.00 27,443.00 27,806.00 27,625.00
2011/01/10 27,500.00 27,750.00 27,713.00 27,544.00 27,443.00 27,811.00 27,615.00
2011/01/11 27,600.00 27,750.00 27,713.00 27,544.00 27,450.00 27,844.00 27,615.00
2011/01/12 27,600.00 27,800.00 27,750.00 27,569.00 27,550.00 27,844.00 27,615.00
2011/01/13 27,800.00 27,800.00 27,750.00 27,569.00 27,550.00 27,856.00 27,643.00

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22

Xinjiang Anhui Hebei Henan Hubei Jiangsu Shandong

2011/01/14 27,800.00 27,800.00 27,825.00 27,594.00 27,550.00 27,856.00 27,665.00
2011/01/17 27,800.00 27,820.00 27,825.00 27,594.00 27,593.00 27,856.00 27,665.00
2011/01/18 27,800.00 27,900.00 27,831.00 27,631.00 27,607.00 27,878.00 27,684.00

30000
Xi nj i ang Anhui Hebei
29000 Henan Hubei Ji angsu
Shandong
28000

27000

26000

25000

24000
0 / 10 / 10 / 10 / 10 / 10 / 10 / 10 / 11 / 11 / 11
/ 10 / 10 / 10 / 1
/ Nov / Nov / Nov / Dec / Dec / Dec / Dec / Dec / Dec / Dec / Dec / J an / Jan / Jan
19 24 29 2 7 10 15 20 23 28 31 6 11 14

Source: Market research

Soybean market
The table below shows the price per ton for soybean imports in China’s major ports between
Nov. 18, 2010 and Jan. 18, 2011.

Soybean import prices at major ports from Nov. 18, 2010 to Jan. 18, 2011 (RMB/ton)
Date Dalin,CIF Tianjin,CIF Qingdao,CIF Guangdong,CIF
2010/11/18 4,050.00 4,100.00 4,200.00 4,150.00
2010/11/22 4,050.00 4,100.00 4,200.00 4,150.00
2010/11/23 4,050.00 4,100.00 4,100.00 4,150.00
2010/11/24 4,050.00 4,100.00 4,100.00 4,150.00
2010/11/25 4,050.00 4,100.00 4,100.00 4,150.00
2010/11/29 4,050.00 4,100.00 4,100.00 4,150.00
2010/11/30 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/01 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/02 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/06 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/07 4,050.00 4,100.00 4,100.00 4,150.00

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23

Date Dalin,CIF Tianjin,CIF Qingdao,CIF Guangdong,CIF

2010/12/08 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/09 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/10 4,050.00 4,100.00 4,100.00 4,150.00
2010/12/13 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/15 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/16 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/17 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/20 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/21 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/22 4,050.00 4,050.00 4,050.00 4,100.00
2010/12/23 4,050.00 4,050.00 4,020.00 4,100.00
2010/12/27 4,050.00 4,050.00 4,020.00 4,100.00
2010/12/28 4,050.00 4,050.00 4,020.00 4,100.00
2010/12/29 4,050.00 4,050.00 4,020.00 4,100.00
2010/12/30 4,050.00 4,100.00 4,080.00 4,100.00
2010/12/31 4,050.00 4,100.00 4,080.00 4,100.00
2011/01/04 4,050.00 4,100.00 4,080.00 4,100.00
2011/01/05 4,050.00 4,100.00 4,080.00 4,100.00
2011/01/06 4,050.00 4,100.00 4,080.00 4,100.00
2011/01/07 4,050.00 4,100.00 4,080.00 4,100.00
2011/01/12 4,200.00 4,180.00 4,200.00 4,250.00
2011/01/13 4,260.00 4,250.00 4,300.00 4,300.00
2011/01/14 4,260.00 4,250.00 4,300.00 4,300.00
2011/01/17 4,260.00 4,250.00 4,300.00 4,300.00
2011/01/18 4,260.00 4,250.00 4,300.00 4,300.00

4, 400

4, 200

4, 000

3, 800
Dal i n , CI F
3, 600
Ti anj i n , CI F
3, 400 Qi ngdao , CI F
Guangdong , CI F
3, 200

/ 10 v/ 10 c/ 10 c/ 10 c/ 10 c/ 10 c/ 10 n/ 11 n/ 11
ov o e e e e e a a
8/ N 25/ N 2/ D 9/ D 16/ D 22/ D 29/ D 5/ J 13/ J
1
Source: General Administration of Customs

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24

The table below shows port inventory and consumption of soybean per thousand tons between
Nov. 22, 2010 and Jan. 19, 2011.

Port inventory and consumption of soybean from Nov. 22, 2010 to Jan. 19, 2011
(per thousand tons)
Date Port-Inventory Port-Consumption
2010/11/22 6430.25 169.0
2010/11/23 6513.85 168.0
2010/11/24 6440.63 504.0
2010/11/25 6525.13 163.5
2010/11/26 6540.88 164.5
2010/11/29 6555.38 166.0
2010/11/30 6627.38 168.5
2010/12/01 6558.38 505.5
2010/12/02 6558.38 505.5
2010/12/03 6475.06 167.5
2010/12/06 6475.06 167.5
2010/12/07 6514.1 333.0
2010/12/08 6514.1 333.0
2010/12/09 6529.7 155.5
2010/12/10 6370.1 159.6
2010/12/13 6484.2 152.0
2010/12/14 6516.4 154.0
2010/12/15 6410.7 462.0
2010/12/16 6262.7 148.0
2010/12/17 6308.8 150.0
2010/12/20 6405.6 154.0
2010/12/21 6495.6 159.5
2010/12/22 6583.6 155.0
2010/12/23 6481.25 471
2010/12/24 6323.25 158
2010/12/27 6417.75 158.5
2010/12/28 6441.33 162.5
2010/12/29 6433.11 487.5
2010/12/30 6457.21 162
2010/12/31 6457.21 162
2011/01/04 6442.16 164.6
2011/01/05 6591.16 168
2011/01/06 6453.01 504
2011/01/07 6285.01 168
2011/01/10 6450.79 169
2011/01/11 6466.84 169.5
2011/01/12 6388.02 511.5
2011/01/13 6345.37 168.50
2011/01/14 6415.87 169.50

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 24

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Date Port-Inventory Port-Consumption

2011/01/17 6482.47 170.50
2011/01/18 6436.72 166.00
2011/01/19 6386.50 502.50

6,800 600

6,600 500
6,400
400
6,200
300
6,000
200
5,800
100
5,600 Por t - I nvent or y
Por t - Consumpt i on
5,400 0

10 10 10 10 10 10 10 10 11 11 11
/ Nov/ / Nov/ / Dec / / Dec / / Dec/ / Dec/ / Dec/ / Dec/ / J an/ / Jan/ / Jan/
22 26 2 8 14 20 24 30 6 12 18

Source: Ministry of Transport, market research

The table below shows the price per ton for soybean and soybean meal between Nov. 18, 2010
and Jan. 17, 2011.

Soybean/soybean meal prices from Nov. 18, 2010 to Jan. 17, 2011 (RMB/ton)
Date Soybean Soybean Meal
2010/11/18 3,980.00 3,442.00
2010/11/19 3,980.00 3,454.00
2010/11/22 3,980.00 3,430.00
2010/11/23 3,970.00 3,438.00
2010/11/24 3,971.00 3,436.00
2010/11/25 3,971.00 3,440.00
2010/11/26 3,971.00 3,440.00
2010/11/29 3,968.00 3,404.00
2010/11/30 3,965.00 3,392.00
2010/12/01 3,965.00 3,392.00
2010/12/02 3,965.00 3,425.00
2010/12/03 3,965.00 3,413.00
2010/12/06 3,965.00 3,425.00
2010/12/07 3,965.00 3,420.00
2010/12/08 3,953.00 3,401.00
2010/12/09 3,953.00 3,382.00

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Date Soybean Soybean Meal

2010/12/10 3,948.00 3,376.00
2010/12/13 3,948.00 3,359.00
2010/12/14 3,948.00 3,374.00
2010/12/15 3,948.00 3,377.00
2010/12/16 3,948.00 3,375.00
2010/12/17 3,948.00 3,360.00
2010/12/20 3,947.00 3,368.00
2010/12/21 3,947.00 3,373.00
2010/12/22 3,947.00 3,385.00
2010/12/23 3,941.00 3,380.00
2010/12/24 3,938.00 3,405.00
2010/12/27 3,938.00 3,407.00
2010/12/28 3,938.00 3,444.00
2010/12/29 3,938.00 3,442.00
2010/12/30 4,015.00 3,441.00
2010/12/31 4,015.00 3,447.00
2011/01/04 4,015.00 3,451.00
2011/01/05 4,025.00 3,455.00
2011/01/06 4,025.00 3,477.00
2011/01/07 4,025.00 3,475.00
2011/01/10 4,086.00 3,469.00
2011/01/11 4,086.00 3,486.00
2011/01/12 4,086.00 3,481.00
2011/01/13 4,121.00 3,545.00
2011/01/14 4,121.00 3,543.00
2011/01/17 4,123.00 3,540.00

4, 200
Soybean Soybean Meal
4, 000

3, 800

3, 600

3, 400

3, 200

3, 000

10 10 10 / 10 / 10 c/ 10 c/ 10 c/ 10 c/ 10 c/ 10 c/ 10 n/ 11 n/ 11 n/ 11
v/ v/ v/ c c a
/ De 6/ De 9/ De 4/ De 17/ De 22/ De 27/ D 30/ D 05/ J 10/ J 13/ J
No No / No e e a a
/ /
01
18 23 26 0 0 1

Source: Ministry of Agriculture

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The table below shows the price per ton and regions of production for domestically produced
soybean oil between Nov. 18, 2010 and Jan. 17, 2011.

Soybean oil prices in major production regions from Nov. 18, 2010 to Jan. 17, 2011
(RMB/ton)
Date Northeast China North China East China South China Middle China
2010/11/18 9,800.00 9,350.00 9,350.00 9,300.00 9,700.00
2010/11/19 9,800.00 9,350.00 9,400.00 9,450.00 9,700.00
2010/11/22 9,700.00 9,350.00 9,400.00 9,100.00 9,500.00
2010/11/23 9,600.00 9,350.00 9,350.00 9,100.00 9,500.00
2010/11/24 9,600.00 9,250.00 9,350.00 9,150.00 9,500.00
2010/11/25 9,600.00 9,450.00 9,450.00 9,250.00 9,500.00
2010/11/26 9,600.00 9,250.00 9,350.00 9,150.00 9,500.00
2010/11/29 9,600.00 9,250.00 9,400.00 9,100.00 9,400.00
2010/11/30 9,300.00 9,350.00 9,350.00 9,150.00 9,400.00
2010/12/01 9,300.00 9,350.00 9,450.00 9,150.00 9,400.00
2010/12/02 9,300.00 9,450.00 9,600.00 9,450.00 9,600.00
2010/12/03 9,300.00 9,450.00 9,550.00 9,450.00 9,600.00
2010/12/06 9,300.00 9,600.00 9,600.00 9,550.00 9,700.00
2010/12/07 9,300.00 9,600.00 9,650.00 9,550.00 9,700.00
2010/12/08 9,300.00 9,550.00 9,600.00 9,500.00 9,700.00
2010/12/09 9,400.00 9,600.00 9,650.00 9,500.00 9,700.00
2010/12/10 9,400.00 9,600.00 9,650.00 9,500.00 9,700.00
2010/12/13 9,400.00 9,550.00 9,650.00 9,500.00 9,700.00
2010/12/14 9,400.00 9,700.00 9,750.00 9,600.00 9,800.00
2010/12/15 9,400.00 9,650.00 9,750.00 9,650.00 9,800.00
2010/12/16 9,400.00 9,650.00 9,750.00 9,600.00 9,800.00
2010/12/17 9,400.00 9,650.00 9,750.00 9,650.00 9,800.00
2010/12/20 9,450.00 9,650.00 9,750.00 9,650.00 9,800.00
2010/12/21 9,450.00 9,650.00 9,750.00 9,650.00 9,800.00
2010/12/22 9,450.00 9,650.00 9,750.00 9,650.00 9,800.00
2010/12/23 9,500.00 9,750.00 9,850.00 9,750.00 9,950.00
2010/12/24 9,500.00 9,850.00 9,900.00 9,850.00 10,000.00
2010/12/27 9,600.00 9,900.00 9,950.00 9,850.00 10,050.00
2010/12/28 9,700.00 10,000.00 10,050.00 10,000.00 10,150.00
2010/12/29 9,700.00 9,950.00 10,050.00 9,950.00 10,150.00
2010/12/30 9,700.00 9,900.00 9,950.00 9,950.00 10,050.00
2010/12/31 9,700.00 9,950.00 10,050.00 10,050.00 10,150.00
2011/01/04 9,900.00 10,300.00 10,300.00 10,350.00 10,400.00
2011/01/05 9,900.00 10,300.00 10,300.00 10,300.00 10,400.00
2011/01/06 9,900.00 10,400.00 10,450.00 10,350.00 10,600.00
2011/01/07 10,000.00 10,400.00 10,450.00 10,350.00 10,600.00
2011/01/10 10,000.00 10,350.00 10,450.00 10,250.00 10,600.00
2011/01/11 10,000.00 10,350.00 10,450.00 10,250.00 10,600.00

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Date Northeast China North China East China South China Middle China
2011/01/12 9,900.00 10,350.00 10,450.00 10,300.00 10,600.00
2011/01/13 9,900.00 10,400.00 10,450.00 10,400.00 10,600.00
2011/01/14 9,900.00 10,350.00 10,450.00 10,350.00 10,600.00
2011/01/17 9,900.00 10,350.00 10,450.00 10,350.00 10,600.00

11, 000

10, 000

9, 000

NE Chi na Nor t h Chi na East Chi na

Sout h Chi na Mi ddl e Chi na
8, 000
0 0 0 0 0 0 0 10 10 10 10 11 11 11
v/ 1 ov/ 1 ov/ 1 ec/ 1 Dec/ 1 Dec/ 1 Dec/ 1 Dec/ Dec/ Dec/ Dec/ Jan/ Jan/ Jan/
/ No / N / N / D / / / / / / / / / /
18 23 26 01 06 09 14 17 22 27 30 05 10 13

Source: Ministry of Agriculture

Hog/corn market
The table below shows the average price per kilogram of domestically produced corn and the
average ratio between hog and corn for 22 cities in China from Jan. 8, 2010 to Jan. 14, 2011.

Average corn price and hog/corn ratio for 22 cities from Jan. 8, 2010 to Jan. 14, 2011
(RMB/kg)
Date Hog/corn ratio Corn
2010/01/08 6.67 1.88
2010/01/15 6.61 1.88
2010/01/22 6.46 1.88
2010/01/29 6.22 1.87
2010/02/05 5.89 1.87
2010/02/11 5.76 1.87
2010/02/26 5.53 1.87
2010/03/05 5.27 1.87
2010/03/12 5.31 1.88
2010/03/19 5.23 1.88
2010/03/26 5.06 1.90

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Date Hog/corn ratio Corn

2010/04/02 4.98 1.91
2010/04/09 4.91 1.93
2010/04/16 4.95 1.94
2010/04/23 5.06 1.96
2010/04/30 5.08 1.97
2010/05/07 5.05 1.98
2010/05/14 4.94 2.00
2010/05/21 4.84 2.02
2010/05/28 4.74 2.05
2010/06/04 4.73 2.06
2010/06/11 4.76 2.08
2010/06/18 4.85 2.08
2010/06/25 4.98 2.08
2010/07/02 5.29 2.06
2010/07/09 5.53 2.07
2010/07/16 5.89 2.06
2010/07/23 6.14 2.06
2010/07/30 6.22 2.06
2010/08/06 6.17 2.07
2010/08/13 6.14 2.07
2010/08/20 6.11 2.07
2010/08/27 6.12 2.07
2010/09/03 6.09 2.08
2010/09/10 6.15 2.09
2010/09/17 6.19 2.08
2010/09/24 6.17 2.07
2010/10/01 6.19 2.07
2010/10/08 6.26 2.05
2010/10/15 6.28 2.05
2010/10/22 6.38 2.06
2010/10/29 6.50 2.07
2010/11/05 6.64 2.05
2010/11/12 6.77 2.07
2010/11/19 6.94 2.09
2010/11/26 6.82 2.10
2010/12/03 6.77 2.08
2010/12/10 6.69 2.09
2010/12/17 6.62 2.10
2010/12/24 6.67 2.06
2010/12/31 6.64 2.05
2011/01/07 6.67 2.05
2011/01/14 6.73 2.06

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7.5 2.15

7 2.1

6.5 2.05
2
6
1.95
5.5
1.9
5 1.85
4.5 Hog/ cor n r at i o
1.8
Cor n
4 1.75

10 10 10 10 10 10 10 10 10 10 10 10 10 11
an/ eb/ ar / pr / ay / un/ ul / ul / ug/ ep/ c t / ov/ ec/ an/
J F M A M J J J A S O N D J
8/ 5/ 12/ 9/ 7/ 4/ 2/ 30/ 27/ 24/ 22/ 19/ 17/ 14/

Source: Ministry of Finance

Sea cucumber market

The table below shows the average price per kilogram for domestically produced sea cucumber
in major cities across China from Jan. 9, 2009 to Jan. 14, 2011.

Sea cucumber prices at major cities (RMB/kg)

Date Price
2009/01/09 150.00
2009/01/16 150.00
2009/01/23 150.00
2009/02/06 140.00
2009/02/13 140.00
2009/02/20 140.00
2009/02/27 120.00
2009/03/06 116.00
2009/03/13 116.00
2009/03/20 116.00
2009/03/27 116.00
2009/04/03 114.00
2009/04/10 114.00
2009/04/17 114.00
2009/04/24 114.00
2009/05/01 114.00
2009/05/08 114.00
2009/05/15 104.00
2009/05/22 104.00
2009/05/29 104.00
2009/06/05 110.00

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Date Price
2009/06/12 120.00
2009/06/19 120.00
2009/06/26 148.00
2009/07/03 148.00
2009/07/10 148.00
2009/07/17 148.00
2009/07/24 148.00
2009/07/31 148.00
2009/08/07 148.00
2009/08/14 148.00
2009/08/21 148.00
2009/08/28 148.00
2009/09/04 156.00
2009/09/11 156.00
2009/09/18 156.00
2009/10/02 156.00
2009/10/09 156.00
2009/10/16 150.00
2009/10/30 140.00
2009/11/13 158.00
2009/11/20 160.00
2009/11/27 186.00
2009/12/04 186.00
2009/12/11 190.00
2009/12/18 190.00
2009/12/25 190.00
2010/01/15 190.00
2010/01/22 170.00
2010/01/29 180.00
2010/02/05 180.00
2010/02/12 170.00
2010/02/19 170.00
2010/02/26 170.00
2010/03/05 170.00
2010/03/12 160.00
2010/03/26 160.00
2010/04/09 170.00
2010/04/16 170.00
2010/04/30 186.00
2010/05/07 186.00
2010/05/14 186.00
2010/05/21 186.00
2010/05/28 186.00

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Date Price
2010/06/04 186.00
2010/06/11 186.00
2010/06/18 186.00
2010/06/25 186.00
2010/07/02 176.00
2010/07/09 180.00
2010/07/16 180.00
2010/07/23 180.00
2010/07/30 176.00
2010/08/06 176.00
2010/08/13 176.00
2010/08/20 176.00
2010/08/27 176.00
2010/09/03 180.00
2010/09/10 180.00
2010/09/17 180.00
2010/09/24 180.00
2010/10/08 180.00
2010/10/15 180.00
2010/10/22 190.00
2010/10/29 196.00
2010/11/05 196.00
2010/11/26 200.00
2010/12/03 200.00
2010/12/10 200.00
2010/12/17 200.00
2010/12/24 200.00
2010/12/31 205.00
2011/01/07 205.00
2011/01/14 210.00

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011 32

 33
9/
J

100
130
160
190
27 an
/F /0 220
9
10 eb/
/ A 09
22 pr /
www.interfax.com

/ M 09
a
3/ y/ 0
J 9
14 ul /

Source: Ministry of Agriculture

/ A 09
u
2/ g/ 0
O 9
27 ct
/N /0
9
22 ov/
/ J 09
a
5/ n/ 1
Ma 0
7/ r / 1

China Agriculture Weekly, Jan. 17 – Jan. 21, 2011

M 0
18 ay
/J /1
30 un/ 0
/ J 10
10 ul /
/ S 10
29 ep/
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24 c t /
/ D 10
ec
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0

33
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