October 26, 2012
China sells 10% of soy reserves
China's grain authority sells only 10%of its 400,000 tonnes of soy reserves during an auction due to costly prices.
A total of 39,189 tonnes, or 9.8 % of the 398,025 tonnes on offer from the 2010 crop, was sold, the National Grain & Oil Trade Centre said.
China, which buys about 60% of globally traded soy, has been selling reserves to help keep the market well supplied as stocks in the US declined due to the worst drought in decades.
The reserves are priced in the same range as domestic and imported soy, making them unattractive.
The government has so far sold 3.7 million tonnes of soy from its reserves.
