BEIJING, Aug 2 (Reuters) - Crushers in China, the world’s top soy buyer, have raised their purchase of soybean from the government’s weekly cheap offers to 400,907 tonnes, the government said on Thursday.
The strong sales come as crushers seek to offset possible domestic shortages in coming months after dry weather late last year cut supplies from South America and with the United States now suffering one of its worst droughts in years.
The government sold a total of 400,907 tonnes from state reserves on Thursday, the largest volume from a single sale since late 2010 and 10,817 tonnes higher than an auction held on July 12, which was the second-largest level.
Crushers in Heilongjiang and Inner Mongolia bought the beans at an average price of 4,381 yuan per tonne, according to bidding results.
Sales since December 2010 had attracted almost no bidders until May this year, when import prices jumped as a result of the drought in South America.
