The state-owned China Grain Reserves Group, or Sinograin, signed contracts on Wednesday with several foreign companies to import soybeans from South America, in an apparent move to diversify the country's soybean import sources to reduce its reliance on supplies of the oilseed from the U.S., reports the Global Times.
On the sidelines of the China International Import Expo in Shanghai, Sinograin signed the contracts with six suppliers, including two U.S.-based companies - Archer Daniels Midland Co. and Cargill Inc. - according to a statement from Sinograin.
The soybean imports will mainly come from South American countries such as Brazil, Argentina and Uruguay, the statement noted.
