China’s grain stockpiler announced another round of soybean reserve auctions scheduled for October 14th. The auctions will be for 500k tons of imported soybeans from the 2019, 2020, and 2021 harvest.
The last auction of imported reserve soybeans was on September 30th. That auction saw 496k tons of soybeans auction with 330k tons purchased by the market, or a turnover rate of 65.1%. Prices averaged 5,446 yuan/ton.
In comparison, the auction prior to this on September 23rd saw a turnover of 24.2% with 120.2k tons of soybeans purchased.
In the auction on the 23rd, soybeans in Hebei province traded for 5,490-5,500 yuan/ton. In the auction on the 30th these traded at 5,430-5,480 yuan/ton.
For the sales in Shandong, prices went from 5,470-5,510 yuan/ton on the 23rd, which was a premium of 40 yuan per to 5,330-5,410 yuan/ton.