August 10, 2009
China to hold new state soy auctions on Aug.12
China will hold a fourth round of state soy auctions on August 12, with a planned release of 500,000 tonnes, on a par with last week's sale, the official National Grain and Oil Trade Centre said on Friday (August 7).
In three sales, China sold 4,900 tonnes of soy, or less than 1 percent of the amount on offer, as crushers are reluctant to buy the expensive soy reserves.
Corn sales will take place on August 11, with a total of 2 million tonnes on offer, the report said.
Analysts said they expected the government to offer subsidies for soy soon, as plants in northeast regions have been suffering from crushing losses because of the grain's high prices.
