Cold soybean auctions may prompt hot actions

The government may soon have to consider measures like subsidies for processors to dispose off its soybean stocks as the fourth national soybean reserves auction held yesterday did not find too many takers, according to analysts.

The situation is likely to be compounded further by an acute storage squeeze, with new crop slated to arrive at the granaries in the next few weeks.

Only less than 10,000 tons of the total 500,000 tons were sold at a price of 3,750 yuan per ton. The nation's granaries currently hold around 5 million tons of soybean.