June 18, 2007

China's major rapeseed growers raise its purchasing price

China's price for purchasing rapeseeds has risen in major rapeseed-growing provinces.

The current purchase price is soared 15.24 percent in Anhui Province in late May, while it posted an increase 11.33 percent in Hunan Province and 15.51 percent in Shaanxi Province. Rapeseed prices were also up between 4 percent and 10 percent in Zhejiang, Jiangxi, Hubei, Sichuan, Guangzhou and Yunnan provinces. The price in Henan Province was the same as late May.

According to a survey, average purchase price in major rapeseed-growing areas is 155.67 yuan (US$20.41) per 50 kilograms on May 25, an increase of 41.85 percent over the same last year period, and climbed 8.94 per cent to 169.59 yuan per 50 kilograms on June 5.

Fueling the hike in rapeseed purchase price are the decline in grain's output, increasing industrial demand and the shortage supply in the international market.