China Said to Buy Soybean Oil to Boost Government Stockpiles

China, the world’s largest cooking- oil user, bought 20,000 metric tons of soybean oil to boost government stockpiles, said two people with knowledge of the industry.

The oil was bought last week by China Grain Reserves Corp., which manages state stockpiles, the people said. Cheng Bingzhou, a spokesman for China Grain Reserves Corp. in Beijing, didn’t answer a call to his mobile phone.

China has auctioned 904,800 tons of rapeseed oil, offloaded soybeans and cooking oil in private sales to selected companies this year to curb food prices and inflation, which surged to 6.5 percent in July, the highest since June 2008. The country is the world’s biggest buyer of oilseed.

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