April 25, 2012

China to auction 300,000 tonnes reserve soy

According to the China National Grain and Oils Information Center, China will auction 300,000 tonnes of soy from state reserves on Tuesday (Apr 24).

Chinese government just sold out 15,402 tonnes or 4.97% of the 309,839 tonnes (tonnes) of reserve soy it offered at an auction on April 10, the first time the government's reserve soy auction has attracted bidders this year as recovery of the domestic edible oil market helps boost trading interest.

China has arranged 32 auctions of state soy reserves since December 2010 but only sold out 31,500 tonnes of the total 9.68 million tonnes of soy from reserves at those auctions.