August 24, 2012

China acquires 3.33 million tonnes of rapeseed for state reserves
 

The China Grain Reserves Corp. (CGRC) has acquired 3.33 million tonnes of fresh rapeseed by August 20 in order to stabilise prices.

Such a purchase volume represents about 27% of this year's rapeseed output. The state-backed think-tank, China National Grain and Oils Information Centre (CGRC), earlier estimated rapeseed yield at 12.2 million tonnes in 2012.

The CGRC began the state stockpiling program for rapeseed in early June after market prices fell below the protective price of CNY5,000 (US$787) per tonne.

Meanwhile, edible oil makers had totally purchased 5.73 million tonnes of rapeseed from farmers by August 20, up 831,000 tonnes over the same time of last year.