300,000 ton reserve oil out of stock to stabilize edible oil price

The national grain and oil trading center announced yesterday that it would hold 300,000 tons of national temporary storage edible oil auction on October 20, and market participants said the move would help tame cooking oil prices in the short term.　　China's grain reserves management company has a wealth of resources to regulate the market, but if the international market, especially the United States dollar continued to depreciate, international agricultural prices continue to rise, domestic vegetable oil prices may still be higher. The market price of vegetable oil has now risen to 9200 yuan per ton. Hubei Sun Moon Oil Co., Ltd. General manager Liang to the "first financial daily" said that the price of vegetable oil has a number of reasons, one is about to enter the consumption season, the earlier price of palm and soybean oil to replace the oil as the main market consumption, as the weather gradually cooler, the temperature drops, palm oil will　　will be a large exit market, leaving the market space needs of rapeseed oil to fill; In addition, rapeseed production this year has decreased compared with previous years, affected by disastrous weather, rapeseed oil yield decreased from 37% in previous years to the current 34%. National grain and oil trading center said in the announcement: the sale of the country temporary storage of rapeseed oil 300,000 tons, GB four quality standards. The buyer who participates in the bidding transaction shall enter the domestic enterprises with edible vegetable oil business qualification voluntarily, and the maximum purchase quantity of each enterprise must not exceed 10000 tons. The buyer must promise that the edible vegetable oil purchased will be put on the market as soon as possible to increase market supply. The state temporary storage of edible oil storage sites (including the banks responsible for loans and the actual storage sites) does not permit the direct or indirect purchase of edible oil stored in this storehouse, central grain reserves directly under the Bank (enterprises) shall not participate in the bidding, and may not arrange their supervision of the local store to buy each other.　　The buyer shall not resell the purchased edible oil to the seller's store.　　A number of people in the industry revealed that the price of bidding for sales at about 8500 yuan per ton, taking into account the current market prices, the estimated auction cost will be 9000~9100 yuan per ton. 300,000 tons of state temporary storage of edible oil in the market at this time, to stabilize the price of edible oil has a certain role.　　A large edible oil processing enterprises in charge said that the normal years, domestic rapeseed production of about 11 million tons, this year, the harvest of rapeseed 80% into the Treasury, the state has more reserves, control available resources rich.　　However, one industry personage pointed out that China consumes about 26 million tons of edible oil each year, the consumption of edible oil is expected to reach 30 million tons this year, 300,000 tons of rapeseed oil reserves in the market, only in the short term, the price will continue to be upward. The head of a large edible oil processing company believes that only a handful of processing plants have rapeseed processing, with rapeseed oil companies mostly reluctant, and prices are expected to rise.　　But the recent depreciation of the United States dollar, the market a large number of dollars, resulting in dollar-denominated agricultural prices rose, so long as the international market prices do not cut, domestic vegetable oil even if the continuous selling, short-term can stabilize, long-term still bullish. The large number of countries issuing currencies, resulting in inflation, is a decisionThe price of rapeseed oil rose more profoundly in the background. The price of rapeseed oil is closely related to the price of soya, if the difference between the two spreads is small, the market will use more vegetable oils, if the price difference is large, soybean oil, palm oil prices far lower than vegetable oils, the market will shift to large consumption of soybean oil and palm oil. The price of soybean oil is greatly influenced by the international market, because the Chinese soybean market is fully in line with the international market, the recent depreciation of the United States currency seriously, resulting in the price of agricultural commodities such as soybeans soaring, driving the price of vegetable oil, so even if our country sell vegetable oil reserves, if the international market situation does not change, vegetable oil prices upward still possible.