July 27, 2012
China's grain stockpiling agency, Sinograin, has bought 2.1 million tonnes of rapeseed as of July 20 of 2012, according to a state grain research agency.
Sinograin's reserve purchases account for about 58% of total state purchases, the China National Grain and Oils Information Center said.
Last year, the company bought 3.37 million tonnes of rapeseed, part of 24.9 million tonnes of grain and edible-oil purchases earmarked for official reserves.
Sinograin is also extending a push into China's lucrative retail edible-oil market through a subsidiary, Sinograin Oils Co., aiming to secure 10% of the domestic market this year.