April 25, 2012

China sells 36,065 tonnes reserve soy

According to the China National Grain and Oils Information Center, China had been able to sell 11.46%, or 36,065 tonnes, of the 314,818 tonnes of reserve soy it auctioned on Tuesday (Apr 24).

Trading volume at the reserve soy auction has gradually recovered as rising edible oil prices boosted crushing mills' buying interest.

Meanwhile, the base auction price of RMB3,960/tonne (US$628) becomes more attractive as soy prices in major producing areas have increased to around RMB4,100/tonne (US$650).

China has arranged 33 auctions of state soy reserves since December 2010. However, the government only sold out 67,565 tonnes of the total 9.99 million tonnes of soy from reserves at those auctions.