Sinograin Sells Out: China's Strategic Soybean Auction

China's state-owned entity, Sinograin, successfully auctioned off all 1.1 million metric tons of soybeans on Tuesday. This marks its fourth auction since December, as the company aims to reduce inventory levels in preparation for new U.S. shipments expected to arrive soon.

China's Sinograin has successfully sold the entire 1.1 million metric tons of soybeans put up for auction on Tuesday, according to two traders speaking with Reuters.

This recent sale marked the fourth auction held since December by the state-run stockpiling agency, aiming to reduce existing inventories.

The sale comes strategically in anticipation of upcoming U.S. soybean shipments, positioning Sinograin to manage supply and demand effectively.

(With inputs from agencies.)