August 30, 2012

China acquires 3.57 million tonnes of rapeseed by August 25

State stockpile, China Grain Reserves Corp. (CGRC), has acquired 3.57 million tonnes of fresh rapeseed by August 25.

Such a purchase volume represents about 29% of this year's rapeseed output. The state-backed think-tank, the China National Grain and Oils Information Centre (CGRC) earlier estimated China's rapeseed yield at 12.2 million tonnes in 2012.

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

The most actively traded January rapeseed oil contract on the Zhengzhou Commodity Exchange has increased over 6% since the beginning of June.