Soybean Auction on August 15

By CnAgri2013-08-21 11:29:45 Print The state-run grain system put 501,700 MT soybeans to auction on August 15 and sold 199,000 MT of them, giving rise to a higher close rate than that of the previous auction. The settlement price averaged RMB3,909/MT, up RMB15/MT over the previous auction.
 
Crushers ran at higher capacity in August than before in order to prepare for the coming busy season of vegoil sales in the fall. Moreover, the price of the soybean auction was comparatively low, attractive to crushers. Finally, international soybean price is on the rise, suggesting an upslope soybean price in China in the near future.

From “China Oil and Oilseeds Market Weekly Report”