May 9, 2012

China acquires 3.5 million tonnes of soy for state reserves

The China National Grain Reserves Corp. (Sinograin) has bought 3.5 million tonnes of new soy for reserves since the purchase and reserve programme started in November 2011, the China National Grain and Oils Information Center (CNGOIC) said Monday (May 7).

The state stockpiling programme for soy concluded on April 30, 2012. The minimum purchase price for last year's soy was set at RMB4,000/tonne (US$635).

Such a purchase volume is higher than the centre's earlier forecast of two million tonnes.

The CNGOIC estimated China's 2011 soy output at 13.5 million tonnes.