July 30, 2009
Chinese government fails to sell any soy from reserves again
China's government failed to sell soy from its reserves again Wednesday (July 29), as the base auction price was set too high.
The government planned to sell 502,700 tonnes of soy to north and northeast major producing areas, but high prices curbed bidding interest.
The result is in line with market expectations and helped support soybean futures, as local soybean supply will remain tight as long as the government is unable to release its soy.
Last week, the government failed to sell any soy in another auction.
