China Aims To Sell 3m Metric Tons Of Soybeans
Source: Bloomberg News |
April 12, 2011, Tuesday
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Print Edition
Print Edition
CHINA, the world's biggest soybean importer, plans to sell as much as 3 million metric tons from inventories to help control food prices, three people familiar with the matter said.
The beans will be sold at a discount to selected crushers in exchange for an agreement to keep cooking-oil prices at government-set levels, said the people, who declined to be identified because they aren't authorized to speak publicly. The sale represents 4.4 percent of annual demand, according to United States Department of Agriculture data.
Inflation in China, the largest grains consumer, probably quickened to 5.2 percent in March, exceeding the government's 4 percent target for a third month, the median estimate in a Bloomberg News survey showed. The statistics office will release the data on Friday. Food prices climbed 11 percent in February.
Wilmar International Ltd, the world's biggest palm-oil processor, said yesterday that China had asked companies to delay raising cooking-oil prices.
The beans will be sold at a discount to selected crushers in exchange for an agreement to keep cooking-oil prices at government-set levels, said the people, who declined to be identified because they aren't authorized to speak publicly. The sale represents 4.4 percent of annual demand, according to United States Department of Agriculture data.
Inflation in China, the largest grains consumer, probably quickened to 5.2 percent in March, exceeding the government's 4 percent target for a third month, the median estimate in a Bloomberg News survey showed. The statistics office will release the data on Friday. Food prices climbed 11 percent in February.
Wilmar International Ltd, the world's biggest palm-oil processor, said yesterday that China had asked companies to delay raising cooking-oil prices.
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