October 1, 2012

China sells 400,010 tonnes of the country's soy reserve

China sells all 400,010 tonnes of national-reserve soy that it offered in an auction on September 27, with average price plunging from a record set two weeks ago.

The average price was US$678 per tonne, down from CNY4,552 (US$724.18) per tonne in an auction on September.13, according to the China National Grain & Oils Information Centre (CNGOIC).

The government is offering around 400,000 tonnes of soy every two weeks in an effort to increase market supply.

China has sold 3.43 million tonnes of soy from state reserves in the year to date, the CNGOIC said.

The government's soy inventories are still ample, and the auctions will continue, it said.