Soybeans deals with US will top 12 million tons
Source: Agencies |
February 17, 2012, Friday
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Print Edition
Print Edition
A Chinese trade delegation signed agreements in Iowa with American grain companies on Wednesday to buy 8.62 million tons of US soybeans and was expected to sign more deals in Los Angeles yesterday for a record-setting purchase topping 12 million tons.
China, which buys 60 percent of the world's soybeans, is turning to the US for more supplies as drought threatens to curb production in South America.
Chinese powerhouses like COFCO Co Ltd, the country's largest state-owned grain trading house, and Sinograin, which manages state grain reserves, signed deals in Des Moines, Iowa, with Archer Daniels Midland, Bunge Ltd, and Cargill Inc, among others.
China, which buys 60 percent of the world's soybeans, is turning to the US for more supplies as drought threatens to curb production in South America.
Chinese powerhouses like COFCO Co Ltd, the country's largest state-owned grain trading house, and Sinograin, which manages state grain reserves, signed deals in Des Moines, Iowa, with Archer Daniels Midland, Bunge Ltd, and Cargill Inc, among others.
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