China’s Sinograin sells one-third of soybeans in auction

SHANGHAI: China’s Sinograin sold 32.7 percent of the 550,000 metric tons of soybeans offered in its third auction this month, consultancy Mysteel reported on Friday, down from 77.5 percent in the first auction, reflecting weaker buying interest as the state stockpiler works to make room for US soybean arrivals.

Sinograin sold 179,702 metric tons of imported soybeans from the 2022 and 2023 crops at 3,750.83 yuan (USD532.74) per metric ton, with deliveries scheduled from January through late May, Mysteel said.

The auctions come as Beijing ramps up purchases of US cargoes following a trade truce with Washington in late October, despite a domestic supply glut driven by record South American arrivals and sluggish demand.