China's Sinograin plans second soybean auction ahead of Trump-Xi summit
China's state stockpiler Sinograin announced its second large-scale auction of imported soybeans in September, offering 514,000 metric tons produced between 2022 and 2024. Sinograin previously sold 62.4% of 543,000 tons offered on Tuesday. Traders believe these sales are to free up storage for expected US soybean arrivals.
(Recasts, adds details, context throughout) BEIJING, Sept 22 (Reuters) — China's state stockpiler Sinograin on Tuesday announced its second large-scale auction of imported soybeans in September, just days ahead of a summit in Washington between US President Donald Trump and Chinese President Xi Jinping. m. CST (0530 GMT) next Monday, will include 514,000 metric tons of soybeans produced between 2022 and 2024, the National Grain Trade Centre said in a notice. 4% of the 543,000 tons of imported soybeans offered at an auction on Tuesday, consultancy Mysteel said, marking its first large-scale sale since late August.
Between July and August, Sinograin conducted five auctions, each offering more than 200,000 tons of imported soybeans. Traders said the sales were intended to free up storage capacity for expected arrivals of US soybeans. China has now passed the halfway mark toward fulfilling its commitment to buy 25 million tons of US soybeans, a deal the White House said was reached last October. Traders hope the leaders' summit this week will provide greater clarity on China's future demand for US soybeans.
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