August 27, 2009
China sells 2 percent of soy it offers; high prices limit buying
China's government sold two percent of the soy it offered Tuesday (August 25), as high auction prices curbed buying interest.
It sold 9,600 tonnes of soy - out of the 496,800 tonnes it planned to sell - at RMB3,750 (US$548.79)/tonne, the base auction price.
Soy cash prices in major producing Heilongjiang province ranged from RMB3,500-RMB3,600/tonne recently, but local supply is very limited as the government holds most of last year's harvest.
It has sold 29,900 tonnes of the crop since the weekly auctions began July 21.
US$1 = RMB6.83 (August 27)
