May 20, 2009

China likely to buy rapeseed at RMB3,700/tonne

The Chinese government is very likely to buy rapeseed from farmers soon at RMB3,700 a tonne, an industry participant said Wednesday (May 20).

The purchase plan was submitted to the State Council, or Cabinet, and is awaiting final approval, said the person, who declined to be named.

The final volume hasn't been set yet but will depend on how much farmers want to sell from their newly harvested crop, said the person.