News briefs on oil industry in China during the previous week

By CnAgri2012-07-25 16:07:06 Print

Rapeseed procurement in twelve major rapeseed-producing provinces totaled 3.285 million MT by July 15, of which 62% were procured by state-run companies.

270,413 MT soybeans, harvested in 2009 and stored as short-term state reserve, including 170,104 MT in Heilongjiang and 100,309 MT in Inner Mongolia, were sold by auction on July 19 at an average price of RMB4,294/MT, representing a close rate of 100%.

8,212 MT state-reserved soybeans, transferred from the Northeast to other provinces previously, were sold by auction on July 19 at an average price of RMB4,252/MT, representing a close rate of 100%.

Following Yihai Kerry’s footstep, Shandong Luhua and COFCO have recently raised peanut oil price by 10%. This is this year’s second round of peanut oil price rise after the 8% increase in April.

Shelled peanut exports recorded 65,267 MT in January ~ June, a drop of 7.8% on the year-on-year basis.

From "China Oil and Oilseeds Market Weekly Report"