On Tuesday, Sinograin auctioned 1.14 million tons of soybeans, with all of the available supply being bought by the market at a strong premium. The average sales price was 3811 yuan per ton, up from 3751 yuan per ton for the most recent auction on December 19.
The strong auction results were driven by the uncertainty surrounding the timing of new crop arrivals from Brazil, and the shipment pace from the US for the initial purchases of 12 million tons.
There have also been rumors in the market th...