Soybeans and soybean oil dropped on Tuesday amid speculations that China will increase sales of vegetable oil from inventories to slow food inflation.

Soybean futures for May delivery fell by 2 percent, or 31.5 cents, to $15.28 a bushel.

The bean prices, yesterday, were as high as $15.8625 and more than doubled in the past 12 months after U.S. farmers planted few acres.

Soybean-oil futures for May delivery declined by 2.8 percent, or 1.96 cents, to 68.86 cents a pound.

Soy oil prices dropped 2 cents earlier in the session after gaining 2.6 percent to a record 72.69 cents.

Soybean oil more than doubled last year boosted by an increase in demand for fuel from oilseeds and cooking oil.

Soybeans and soybean oil posted gains yesterday on concerns that China may face food shortage.

Earlier this year, China imposed price controls requiring producers and sellers of food staples such as grain, meat, eggs, milk and cooking oil to seek approval before increasing prices.

According to the U.S. Census Bureau, soybean oil inventories, by the end of January, were 3.094 billion pounds, higher than 3.077 billion at the end of December.

China