February 22, 2012

China acquires over 1.5 million tonnes soy for state reserves

By the end of January, the China National Grain Reserves Corp. (Sinograin), had bought more than 1.5 million tonnes of new soy for reserves in an effort to uphold prices, the China National Grain and Oils Information Center (CNGOIC) said Tuesday (Feb 21).

The center predicted that Sinograin's total soy purchases would surpass two million tonnes.

China's soy output in 2011 was estimated at 13.5 million tonnes, the CNGOIC earlier noted.

The state stockpiling programme for soy started from November of last year and would end by April 30, 2012. The minimum purchase price for last year's soy was set at RMB4,000/tonne (US$634.92).