June 8, 2012

China's state reserves sell 13,902 tonnes of soy

China's state reserves have sold 13,902 tonnes of soy in an auction of about 600,000 tonnes Thursday (June 7), according to the state-backed China National Grain & Oils Information Center.

The sales comprised 11,902 tonnes sold to crushers from warehouses in northeastern China's Heilongjiang province and Inner Mongolia Autonomous Region at an average price of RMB3,824 (US$606) per tonne and 2,000 tonnes from Hebei province at an average price of RMB3,920/tonne (US$619.51).

Demand for reserve soy is slowing, with sales this week falling sharply from last week's 75,788 tonnes and 188,410 tonnes at the May 24 auction.

Prices also fell in line with a recent decline in prices of imported soy.