Sinograin Sets Second September Soybean Auction Days Before Trump-Xi Summit
Sinograin will hold its second large-scale imported soybean auction this month on Monday, days ahead of the Trump-Xi summit in Washington.
China's state stockpiler Sinograin has announced a second large-scale auction of imported soybeans for September, scheduling the sale just days before a summit in Washington between US President Donald Trump and Chinese President Xi Jinping.
The auction will take place at 1:30 p.m. CST (0530 GMT) next Monday and will offer 514,000 metric tons of soybeans produced between 2022 and 2024, according to a notice from the National Grain Trade Centre.
The announcement follows an auction on Tuesday, at which Sinograin sold 62.4% of the 543,000 tons of imported soybeans on offer, consultancy Mysteel said. That sale was the stockpiler's first large-scale auction since late August.
Between July and August, Sinograin held five auctions, each offering more than 200,000 tons of imported soybeans. Traders said the sales were aimed at freeing up storage capacity for expected arrivals of US soybeans.
China has now crossed the halfway mark in fulfilling its commitment to buy 25 million tons of US soybeans, a deal the White House said was reached last October.
Traders are looking to the leaders' summit this week for clearer signals on China's future demand for US soybeans.