August 18, 2011
China plans to sell four million tonnes of soy from state reserves to large edible-oil producers to bolster market supply, sources said Wednesday (Aug 17).
The sales will be open to major edible-oil makers including Yihai Kerry Group and state-owned COFCO Group, a COFCO official said. Yihai Kerry is the Chinese operation of Singapore-based Wilmar International Ltd.
Once the government completes the sales, only 1.4 million tonnes of state soy reserves will remain, according to an official from the China Grain Reserves Corp.