China to sell 500,000 tonnes of imported soybeans from its reserves

China will sell 500,000 tonnes of imported soybeans from its state reserves on April 15, according to a statement published on the country’s National Grain Trade Center website.

The sale follows suit of an auction held this week in which the same amount of soybeans from China’s state reserves was put into bidding. These actions aim to ease tight supply in the domestic market.

China began releasing imported soybeans from reserves in mid-March, as oilseed imports declined after bad weather delayed exports from South America. Soy bran prices rose due to shortages in supplies.

However, soybean arrivals have increased in recent weeks, easing the pressure and prompting a drop in bran prices.

“The selling rate keeps falling because the timing of the auctions is not so good,” said Zou Honglin, an agricultural analyst at Mysteel, a commodities consultancy based in China.

Source: Money Times

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