China’s Sinograin sells half of soybeans offered in largest auction since January

BEIJING: China’s Sino-grain sold on Friday about half of the 504,000 metric tons of imported soybeans on offer at the auction, the biggest since January, two traders told Reuters, as the state stockpiler seeks to make room for incoming US cargoes.

The soybeans, from the 2022-2025 crops, sold at an average price of 4,033 yuan (USD597.81) per ton, with deliveries scheduled mainly from September through the end of November, the sources said.

“Prices are not particularly attractive. The buyers are mainly those looking to replenish soybean supplies because they had bought too little earlier,” said an Asian trader.

“It is not too bad, given that it is the first auction, things are likely to pick up in subsequent auctions,” said another Asia-based trader at a company which runs soybean crushing plants in China. “Reserves want to rotate the beans and also make room for arrival of new US soybeans cargoes,” the second trader added.