December 14, 2010

China holds more soy auctions

China plans to sell 300,000 tonnes of soy reserves Tuesday (Dec 14), despite failure of recent government soy auctions to attract any bids.

State grain stockpilers are trying to offload old soy stocks to make way for newer oilseeds, according to the state-backed China National Grain and Oil Information Centre.

However, buyers have held back from participating at recent state soy auctions, as floor prices were seen as being set above market levels.

A central government auction of 300,000 tonnes of soy in early December failed to attract any bids. Another auction, of 191,000 tonnes of soy, by Heilongjiang provincial authorities similarly failed.