June 30, 2012

China sells almost 13% of reserve soy

Out of 563,800 tonnes of China's reserve soy offered at an auction on Thursday (June 28), it was able to sell out 12.57% or 121,600 tonnes in total, revealed the National Grain and Oil Trade Center.

The transaction rate increased significantly from the 3% recorded at the previous auction of reserve soy  held a week earlier, when a similar volume was offered.

The average trading price stood at RMB3,884/tonne (US$611), compared with RMB3,816/tonne (US$600) at last week's auction.

The improving transaction rate indicated that homegrown soy had become more appealing against a backdrop of firm soy prices on the international market.