AreaChina (Mainland)

Commodity GroupOilseeds, oils and meals

CommoditySoybeans, soyoil, rapeseed oil, sunflower oil

Date01/11/2020

Policy CategoryConsumption and marketing

Policy InstrumentMarket regulation

DescriptionAs distinct from previous years, in 2020, government auctions of oilseeds and oils from state reserves continued throughout the months of September, October and November. Cumulative 2020 sales of soybeans, soybean oil, rapeseed oil and sunflower oil significantly exceeded the volumes recorded in 2019.

NotesCHINA – market regulation (government auctions): As distinct from past years, in 2020, domestic auctions of oilseeds and oils from state reserves continued throughout the months of September, October and November, though complete sales records are yet to be released. Based on available data, up to mid-November, cumulative sales of soybeans, soybean oil, rapeseed oil and sunflowerseed oil stood at, respectively, 2.35 million tonnes, 155 thousand tonnes, 168 thousand tonnes and 8 thousand tonnes – thus significantly exceeding the volumes recorded in 2019. Soybean sales consisted of around 1.14 million tonnes of domestically produced non-GM beans and 1.21 million tonnes of imported GM beans, which, respectively, fetched an average per-tonne price of CNY 4 844 and CNY 3 245 (USD 735 and 492).