China to sell tons of soybeans in auctions

China will sell 500,000 metric tons of soybeans from State stockpiles in auctions on Aug 8, according to the National Grain & Oil Trade Center. About 171,600 metric tons of oilseed in Inner Mongolia, 13,900 metric tons in Jilin and 314,500 metric tons in Heilongjiang will be sold, the center said in a statement. The sale may fail to spur demand among bean crushers because the stockpiles are from old crops and there is ample supply of imported new-crop soybeans at ports, said Tommy Xiao, an analyst at Shanghai JC Intelligence Co.