China soyaoil outlook

The outlook for China's soyaoil market has turned bearish, as traders expect the government to take measures to curb edible oil prices, a survey by an official think tank showed on Friday.
Domestic soyaoil prices have climbed 24 percent or more during the three weeks since the Lunar New Year, to 15,200 yuan ($2,140) a tonne or more depending on grade and location, supported by soaring international prices. "Traders and oil users are increasingly standing by in the market, so demand is falling," the China National Grain and Oils Information Center (CNGOIC) said in a survey.
The soya market remained bullish, but traders expected a correction in global futures prices due to higher-than-expected output from South America, which would dampen enthusiasm to import soyabeans as long as prices were expected to fall further, the centre said.