July 19, 2012

China's reserve to auction 300,000 tonnes soy

The state reserves of China is planning to auction 300,000 tonnes of soy on Thursday (July 19), the China National Grain and Oil Trade Center published on its website.

The country just sold out a total of 379,488 tonnes or 98.86% of 383,845 tonnes of the reserve soy it offered at an auction last Thursday.

Transactions at reserve soy auctions have increased significantly thanks to robust rise of imported soy prices driven up by US dry weather concerns.