China's Sinograin sells 63% of soybeans in auction, plans further sale

Dec 16 (Reuters) - China's state stockpiler Sinograin on Tuesday sold about 323,000 metric tons of imported soybeans, or 62.9% of the total offered, according to two traders, and announced its third auction of the month as it prepares for U.S. imports.

The auctions come as Beijing steps up purchases of U.S. cargoes following a trade truce with Washington in late October, even though China sits on a glut of supplies due to record South American arrivals and sluggish demand.

The average transaction price for the soybeans from the 2022-2024 crops was 3,852 yuan ($547) per metric ton, with deliveries scheduled from late December through April, the sources said.

Later on Tuesday, Sinograin said it will auction 550,000 tons of imported soybeans produced between 2022 and 2023 on December 19.

Traders have said they expect Sinograin to offer a total of roughly 4 million tons in the current cycle of weekly auctions.