January 17, 2012
China to sell 300,000 tonnes of reserve soy
China will auction 300,000 tonnes of soy from state reserves on Tuesday (Jan 17), according to the China National Grain and Oils Information Centre.
This will be the 27th batch of state soy reserves put under the hammer since December of last year. The government only sold out 16,100 tonnes of the total 7.82 million tonnes of soy from reserves at the previous auctions.
The state stockpiler China Grain Reserves Corporation has already started purchases of this year's new soy in major growing areas at the protective price of RMB4,000 (US$634)/tonne. Market analysts say that the stockpiling programme will help break the deadlock on the soy purchase market.
