COFCO: China Can Replace U.S. Soy Imports
Chinese state media says country can rely on alternatives
China can increase soybean imports from other countries to reduce reliance on buying from the United States, the president of state grains trader COFCO said in an interview with the Communist Party’s official People’s Daily paper on Wednesday.
Reuters reports Yu Xubo said in the interview that China can increase soybean imports from South American countries amid an escalating trade dispute with the United States.
Yu said China can also buy more rapeseed, sunflower seeds, and bring in more soybean meal, rapeseed meal, sunflower meal and fishmeal to fill any supply gaps.
“In the long term, South America, and the Black Sea area still have great potential in their arable land, and can play a bigger role in the global soybean supply system,” COFCO’s Yu told the newspaper.
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