China To Auction Vegetable Oils
Published September 25th, 2007
China will offer 200,000 metric tons of vegetable oils comprising 178,000 tons of soyoil and 22,000 tons of rapeseed oil in a domestic auction Friday, government-run National Grain & Oil Trade Center said late Monday.
The auction is part of a slew of government policies aimed at keeping volatile domestic food prices in check, after rising food prices pushed the country’s inflation to 6.5% in August, a level that hasn’t been seen in more than a decade.
In addition, the government will sell at least 1 million tons of corn from state reserves in the domestic market at prices below market levels, market participants said.
The government may increase the volume of corn to be offered in the auction to 3 million tons if needed, they added.
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