Soybean Auction Sales Improved in China
By CnAgri2012-07-04 17:58:58
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102,798 MT Northeast soybeans of short-term state reserve were put to auction on June 28 and 78.66% of them were sold at an average price of RMB3,848/MT. Meanwhile, 461,105 MT Northeast soybeans transferred from Northeast grain depots to other provinces’ depots were also put to auction and 8.81% were sold at RMB3,966/MT.
The auction featured a growth of close rate and sales volume compared with auctions in the near past. Due to international soybean price hike, domestic soybean sales picked up. Compared with the price of RMB4,300/MT for imported soybeans at Chinese ports on July 2, domestic soybeans enjoyed a price advantage. BOABC anticipates brisk sales of domestic soybeans in the short run.
From "China Oil and Oilseeds Market Weekly Report"
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