February 14, 2012

China to auction 300,000 tonnes soy stocks

According to the China National Grain and Oils Information Center, China will auction 300,000 tonnes of soy from state reserves on Tuesday (Feb 14).

This will be the first reserve soy auction after the Spring Festival holiday (January 22-28). Some analysts say that restocking demand from processing mills may help improve transactions at the auction.

The country has launched 27 batches of state soy reserves 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.