China to Stockpile Local Soybeans to Help Farmers, Agency Says

China, the world’s biggest soybean consumer, will stockpile domestically harvested soy to help growers sell the crop, the State Administration of Grain said.

The government will buy from farmers in the northeast provinces at 4,000 yuan ($627) a metric ton from Nov. 23 to April 30, according to a circular on the website of the grain bureau, which manages the nation’s grain market. The government won’t limit the amount to be stockpiled, the circular said.