Soybean Auction to Be Held on August 8th

By CnAgri2013-08-07 11:07:18 Print The state-run grain system is to put to auction 500,000 MT Northeast soybeans (produced in 2010) on Aug. 8, including 314,500 MT stocked in Heilongjiang, 171,600 MT in Inner Mongolia and 13,900 MT in Jilin.
 
Soybean procurement price is RMB4,500/MT in the Northeast currently, but imported soybeans are sold at RMB4,300/MT at Chinese ports. If soybeans are sold at RMB4,500/MT at the auction, not much is expected to be sold.
 
The last auction was held on Nov. 8, 2012 and the settlement price averaged RMB4,506/MT. Of the 397,204 MT soybeans on sale, only 16.49% were sold.

From “China Oil and Oilseeds Market Weekly Report”