December 15, 2010

China fails to sell 296,300 tonnes of soy reserves

China failed to sell the 296,300 tonnes of soy it offered in reserve auctions Tuesday (Dec 14), the official information provider National Grain & Oil Trade Centre said.

The minimum bid price was set at RMB3,900 (US$586) a tonne, unchanged from when the soy were first offered on the December 3 auction, which failed to attract buyers because of high prices, according to sources.