May 30, 2012

China's reserves to sell 600,000 tonnes soy in auction

The state reserves of China will sell 600,000 tonnes of soy on Thursday (May 24), the China National Grain and Oil Trade Center stated in its website.

The Chinese government just sold out 188,410 tonnes or 31.12% of 605,356 tonnes of the reserve soy it offered at an auction on May 24, with the transaction rate at the auction significantly higher than 23% on May 8 and 11.46% on April 24.

With more reserve soy being released to the market, the domestic edible oil prices are expected to get stable over the following month.