December 3, 2010

China's Heilongjiang to sell 246,000 tonnes of soy

China's Heilongjiang province will auction 246,000 tonnes of soy from provincial reserves on Friday (Dec 3), the Harbin National Grain Trade Centre said.

The soy was harvested in 2008, according to the auction centre. Only crushers located in the province with daily crushing capacity of more than 500 tonnes can participate and the purchases may not be resold, the centre said.

The soy will be offered at a minimum bidding price of RMB3,633 (US$545) a tonne, according to sources.

The sale is in addition to the planned sale of 300,000 tonnes of state reserves on Friday. The government earlier had announced its intention to sell state soy reserves, the first time in two years as the government tries to thwart inflation.