October 10, 2012
China places 400,000 tonnes of soy on auction
China will place 400,000 tonnes of soy on auction, in efforts to stabilise local prices.
The sale from state reserves comes as tighter global supplies threaten to push up domestic food prices and inflation.
The government has been selling roughly the same volume of soy in biweekly auctions, and has auctioned about 3.4 million tonnes of soy so far this year.
The China National Grain and Oils Information Centre (CNGOIC) has said the government's soy inventories remain ample and that the auctions will continue.
