Soybean Auction Sluggish

By CnAgri2013-08-14 10:54:56 Print The state-run grain system put 500,939 MT soybeans produced in 2009 and 2010 to auction on August 8, including 171,659 MT stored in Inner Mongolia, 13,855 MT in Jilin and 315,425 MT in Heilongjiang. It turned out that only 17.95% of the soybeans were sold, including 15.17% stored in Inner Mongolia, 12.73% in Jilin and 23.66% in Heilongjiang.
 
The settlement price was RMB3,850/MT for Grade Three beans produced in 2009 and RMB3,890/MT for Grade Three beans produced in 2010, far below the cost of production and storage.
 
Considering the small amount of beans put to auction, the auction is believed to have little impact on the soybean market.

From “China Oil and Oilseeds Market Weekly Report”