Breaking News-RTRS-UPDATE 2-China to sell soy reserves, may get few buyers

BEIJING, July 16 (Reuters) - China plans sales of corn and soybeans from state reserves from next week, its first from massive purchases of 2008 crops, but high prices are likely to deter buyers in a market already flooded with imported soybeans.
Traders told Reuters the soybeans are likely to be priced at 3,750 yuan ($549) a tonne, about $40-$50 above import prices, while they said the corn sale comes too close to the start of the new harvest.