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| China sells soybean reserves to stabilize prices |
| CCTV.COM 2003-07-30 16:07:25 |
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In order to meet a market shortfall and stabilize prices, China sold 500,000 tons of soybeans from the State reserve on Tuesday in the port city of Dalian.
For several years, China's annual production of soybean has peaked at around 15 million tons, but the country consumes around 30 million tons of soybean per year. Since the beginning of this year, soybean imports have surged 168.5％ to 7.66 million tons, stinging domestic farmer in the process. In order to meet the market shortfall and stabilize prices, China sold 500,000 tons of soybeans from the State reserve on Tuesday in the port city of Dalian. Among the 500,000 tons of soybeans sold Tuesday, there were around 50,000 tons of first－grade soybeans, 100,000 tons of second－grade soybeans and 350,000 tons of third－grade soybeans. All the soybeans were sold through competitive bidding, and all the buyers were domestic manufacturing enterprises, with a minimum purchase of 50,000 tons. The soyabeans sold for about 2,500 yuan or 302 US dollars a ton. Sales totaled some 1.2 billion yuan.
"Whatever measures we have taken is to protect the interest of farmers and the enterprises, it is considered from the overall situation," said Zeng Liying, the director general of Macro－Control & Adjustment Department of State Grain Administration.
Analysts believe that the supply, though small, may further weigh down market prices with imports piling up in China.
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Editor: Yang Feiyang CCTV.com
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