China Set to Buy Brazilian Soymeal to Diversify Supplies
- At least 30 facilities applied, 14 have been approved
- Decisions comes after China approved Brazil corn imports
Soybeans are unloaded into a truck during a harvest in Santa Cruz do Rio Pardo, Sao Paulo state, Brazil.
Photographer: Patricia Monteiro/BloombergThis article is for subscribers only.
China is preparing to import soybean meal from Brazil as part of broader efforts to diversify sources of the animal feed ingredient, ease a near-term supply shortage and curb inflation risks.
Traders are taking steps to bring in the first Brazilian soymeal shipment to China after Beijing gave the go-ahead a couple of months ago. Even though the initial volumes may be small, the move represents another step in Beijing’s efforts to find new sources of agricultural supplies to bolster its food security.