China failed to sell out any of the 300,000 tonnes of reserve soy it offered at an auction on Tuesday (Dec 6), according to the China National Grain and Oils Information Centre.
The floor price of RMB3,920 (US$619)/tonne failed to gain advantage over purchase prices of RMB3,840-3,960 (US$606-625)/tonne for new soy in major producing areas.
The failure was also within expectations due to the current sluggish oilseeds and oils markets.
This was the 25th batch of state soy reserves put under the hammer since December of last year. However, the government only sold out 16,100 tonnes of the total 7.51 million tonnes of soy from reserves at those auctions.