China soybean auction attracts no bids

The auction of 191,000 tonnes of soybean, with a floor price of 3,750 yuan per tonne, was the fifth the province has held this year, said CNGOIC, adding that among the five sales only 55,100 tonnes of the crop were sold in the Dec. 3 auction. “Mills will not make a profit if they buy from the auction,and farmers are also reluctant to sell in expectation of higher prices amid rising inflation,” said CNGOIC analyst Zhang Liwei. Trading in the local cash market is also very light, headded.

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