November 16, 2007

China buys enough soyoil to curb inflation 

Beijing reported a total purchase of 400,000 tonnes of soyoil to curb the impact on inflation of high cooking prices.

Industry sources said that the government paid less than US$1,100 per tonne, inclusive of cost and freight for soyoil cargoes.

Most soyoil imports are coming from South America and the US and would be released by the Chinese government before the holidays.

China's soyoil prices rose to fresh record highs on Thursday due to tight domestic supply of vegetables oils and oilseeds.