Breaking News-RTRS-China to sell vegoil reserves -state grain body

BEIJING, Sept 29 (Reuters) - China will release some of its temporary vegetable oil reserves via public bidding to bolster market supplies and to stabilise prices, China's State Grain Administration said.
The exact volume would be announced later, the administration said, without giving further details.
The sale was expected by the market since Beijing is eager to curb food price rises while the state reserve firms have been holding onto stocks, including rapeseed oil and soyoil, for about two years, long enough for the quality to deteriorate.
But analysts did not expect the volume of any sales to be big. The government holds about 1.4 million tonnes of soyoil reserves and about 1.6 million tonnes of rapeseed oil reserves.