China sells 4,335 tonnes of soy; sales ongoing

China finally managed to sell some soy from its reserves Wednesday, after the weekly sales failed twice consecutively earlier due to high prices.

The government has so far sold 4,335 tonnes of soy at a base price of RMB3,750/tonne (US$549) in Inner Mongolia, and the auction will go on in other regions through the day.

Rising global soy prices have made it possible for the government to sell the crop at rates higher than those prevailing in the market, said Xiao Jun, an analyst with commodities consultancy firm Shanghai JCI.