December 9, 2010

China's Heilongjiang to auction 191,000 tonnes of soy

China's Heilongjiang province will sell 191,000 tonnes of soy from provincial reserves on Friday (Nov 10), the Heilongjiang Soybean Association said.

The Harbin National Grain and Oil Trade Centre will handle the auction, the association said in a statement.

The Harbin centre sold 55,000 tonnes at its previous local auction, or 22% out of the 246,000 tonnes offered on December 3.

However, a central government auction on the same day of around 300,000 tonnes of soy from state reserves failed to attract any bids because the floor auction price was set at RMB3,920 (US$589)/tonne, which buyers regarded as too high.

The spot soy price is about RMB3,880 (US$583) in Heilongjiang, a major producing area, the association said.