Breaking News-RTRS-UPDATE 1-China's 2nd state soybean sale ends with no bids

BEIJING, July 29 (Reuters) - China's second attempt to sell 500,000 tonnes of soybeans from its state reserves has ended without any bids being made, according to the National Grain & Oil Trade Center.
At 3,750 yuan ($549) per tonne, the minimum bidding price was about 200 yuan above the spot market price, and was unchanged from the auctions held last Thursday, which also ended without any sales.
Analysts say the government will have to consider reducing prices or subsidising crushers if it is to have any hope of selling off enough of its reserves to make space for the new harvest, due in September.