September 28, 2012

China crushers buy 400,000 tonnes of soy

China's crushers acquire 400,001 tonnes of soy from the Chinese government's bi-weekly auction at an average price of US$680 per tonne.

The interest in beans sold from state reserves comes as crushers take advantage of lower prices at home after US prices rallied due to an historic drought. The domestic market is also expected to see a shortage during the on-going peak consumption season.

Crushers bought up all the soy. on offer and the average price sold was slightly lower than the previous record at the last auction on September 13.