January 18, 2012
China's soy action fails again
China failed to sell out any of the 300,000 tonnes of reserve soy it offered at an auction Tuesday (Jan 17), according to the China National Grain and Oils Information Centre.
This was the 27th batch of state soy reserves put under the hammer since December of 2010. However, the government only sold out 16,100 tonnes of the total 8.13 million tonnes of soy from reserves at those auctions.
The failure was within expectations as traders and soyoil crushers paid attention to new soy. 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$632)/tonne.
