China sells 40 pct of 501,652 t reserve soybeans at Thu. auction, demand up


China sold out 198,976 metric tons (tonnes) or 39.66 percent of the 501,652 tonnes of state reserve soybeans available at an auction on Thursday, according to the National Grain and Oil Trade Center.

Average trading prices stood at 3,909 yuan/tonne, compared with 3,894 yuan/tonne at the previous reserve soybean auction held a week earlier.

Meanwhile, the transaction rate increased significantly from 17.95 percent last week thanks to the appealing prices of reserve soybeans. Currently, imported soybean prices at domestic ports stay in the range of 4,120-4,140 yuan/tonne.

Analysts predict that soybean prices both at home and abroad will go up before new soybeans come onto the market, which is likely to push more processing mills to buy cheaper soybeans at the auctions of state reserves.


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