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BUZZ-Chinese soybean prices continue to slide despite assurance from state
October 24, 2017 / 4:31 AM / in a month

BUZZ-Chinese soybean prices continue to slide despite assurance from state

BEIJING, Oct 24 (Reuters) - Chinese soybean prices continued to fall on Tuesday, as the market worried that the state might lower purchasing prices given the large harvest.

* The most-active Chinese soybean contract on the Dalian Commodity Exchange fell 0.54 percent to 3,670 yuan ($553.74) per tonne, after falling to as low as 3,666 yuan earlier in the session, its lowest since April last year.

* Warehouses owned by Sinograin, the state-owned enterprise in charge of the crop purchase rotation system, are buying soybeans at a price higher than market prices, analysts said.

* But the market fears Sinograin might lower its price later and remains bearish on domestic soybeans as pressure from supplies is still huge, analysts said.

* Sinograin said in a statement that prices will be dependent on the market.

* It also said that purchasing was underway and being carried out as normal. ($1 = 6.6276 Chinese yuan renminbi) (Reporting by Hallie Gu and Dominique Patton)

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