BEIJING, Nov 20 โ(Reuters) – A โChinese state-owned โfirm, COFCO International, has secured agricultural trade deals totaling $5.2 billion with major global traders includingโฃ Cargill โand Louis Dreyfus Company (LDC),โค according to aโ statement released Monday.
Theโ agreements willโฃ see COFCO International purchase grains and oilseeds from the companies over the coming years, bolsteringโค China’s food security and expanding the reach of these international agricultural giants โwithin the world’s largest consumer market. The dealsโข encompass aโฃ variety of commodities,including soybeans,corn,wheat,and barley,withโฃ deliveries scheduled to begin in 2024. Thisโฃ move underscores China’s continued commitment to diversifying its import sources andโฃ strengthening relationships with key agricultural suppliers amid global supplyโฃ chain uncertainties and fluctuating commodity prices.
COFCO International, the overseas arm of โChina’s largest food processor,โ COFCO โขGroup, signed the agreements during aโข trade delegation โคvisit to China. โขCargill will supply $1.8 billion worth of agricultural products, โขwhile LDCโค committed toโ $1.7 billion. Furtherโข deals where struck with other traders, bringing the โคtotal value to $5.2 billion.โ
“These agreementsโข demonstrateโ the โstrong and growing partnershipโฃ between COFCO International andโค leadingโฃ global agricultural companies,” said a COFCO spokesperson. “They will ensure a stable โand reliable supply of essential agricultural commodities to meet China’s growing demand.”
Theโ deals come as China seeks to reduce its reliance on any single supplier โฃfor critical food imports, especially soybeans, where it โheavilyโฃ depends on Brazil โขand the United States.โ By diversifying its โขsourcing, China aims toโ mitigate risks associated with geopolitical tensions and weather-related disruptions. The agreements also provide Cargill โand LDC with increased access to theโฃ Chinese market, a crucialโ component of their global growth strategies.
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