12/11/25 Attention On China Bean Buys as State Auctions Begin

12/11/2025 Click Above to Watch the Morning Market Talk Video Attention On China Bean Buys as State Auctions Begin On the Grains Corn, soybean, and wheat futures traded lower at the start of the overnight trade but have caught a bid and are on their session highs this morning. China sold 397,000 MT (77.5%) of the 512,500 MT put up for auction – the first state-owned soybeans to be sold onto the domestic market in three months – at an average price of 3,935.3 yuan ($557.06) per metric ton. The sales are seen as a means of rotating state reserves to make room for purchases of U.S. soybeans by state-owned entities. Given poor margins and hefty soybean supplies held by crushers, demand was expected to be low. But as I mentioned previously, there’s talk Beijing is slowing the certification process for imported soybeans, causing delays before ships are unloaded, creating a greater “need” for the auctioned soybeans. Chinese soybean auctions are expected to continue in what is a virtual shell game with soybean stocks. There continues to be talk of more Chinese purchases of U.S. soybeans, so markets are watching for confirmation from USDA this morning. More Backdated Export Sales…