August 23, 2011
China to sell 300,000 tonnes of soy reserves
China will auction 300,000 tonnes of soy from state reserves Tuesday (Aug 23), the National Grain & Oils Information Centre said.
This will be the 18th batch of state soy reserves put under the hammer since December of last year. However, the government only sold out 11,100 tonnes of about 5.06 million tonnes of soy from reserves offered at the previous 17 auctions.
China continues to auction soy reserves regularly despite persistent failures, which indicates the government's determination to stabilise prices.
The domestic soy market is expected to rally in September, the peak consumption season for the Mid-autumn Festival and the National Day Holiday.
