August 9, 2011

China to sell 300,000 tonnes of soy reserves

China will auction 300,000 tonnes of soy from state reserves Tuesday (Aug 9), the China National Grain & Oils Information Centre said.

This will be the 17th batch of state soy reserves put under the hammer since December of last year. Due to unappealing floor prices as well as soft demand from soyoil processing firms, China only sold out 11,100 tonnes of the about 4.16 million tonnes of soy offered at the previous 15 auctions.

As edible oil producers and traders are now busy restocking for the approaching Mid-Autumn Festival around the middle of September, soy demand is expected to recover in the following two months.