China to sell soy and corn from next week

China will auction 500,000 tonnes of soy and two million tonnes of corn from next week, said a state-backed Web site Thursday.

The base prices of the soy and corn will be RMB3,750 a tonne and RMB1,550/tonne respectively, both higher than the government's purchase prices, said the China Oils Network Web site, which is owned by China Grain Reserves Corp.

The government bought the soy and corn at RMB3,700/tonne and RMB1,500/tonne.