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Soybean prices in China's major producing areas and ports were stable in the week to Friday, supported by the government's purchase program despite high soymeal stocks with crushers and a state-mandated cap on soyoil prices. However, trade was sluggish as some crushers have suspended operations due to low margins.

Prices in northeastern China's Heilongjiang province, the nation's top producer, were around CNY3,800 a metric ton, unchanged from a week earlier, while import prices were around CNY4,200/ton in major ports, also flat.

As of March 31, China National Grain Reserves Corp. has bought from farmers about 2.6 million tons of soybeans harvested last year--to replenish government reserves--and this underpinned prices, the Chinese Grain Network, a consultancy owned by the state stockpiler, said in a research note.

Stocks at major ports as of Friday were 6.1 million tons, up about 219,000 tons from a week earlier, as crushers' demand has slowed due to poor margins, it added.

"Domestic soybean prices are expected to remain stable next week. In the near term, we can't see significant increase in demand. Given the reduced acreage in the U.S. and China, we keep the positive long-term outlook for soybean prices."

The National Development and Reform Commission likely rejected applications by Cofco Group and Yihai Kerry Investment Co., the nation's top two edible oil makers, to raise edible oil prices, directing them to keep prices stable for the next two months, analysts said.

-Zhoudong Shangguan contributed to this article; Dow Jones Newswires; (8610) 8400 7715; zhoudong.shangguan@dowjones.com

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