China expects agreements to import soy protein and soybean meal from Brazil to be concluded next month

Chinese customs have reached an agreement to allow imports of corn from Brazil, creating an alternative to U.S. grain to replace lost supplies from Ukraine, according to the Chinese Ministry of Commerce, Reuters reported. In addition, it is expected that similar agreements on the import of soy protein and soybean meal from Brazil will be concluded during negotiations next month. As noted, now almost all imports of corn to China come from the United States and Ukraine. But Russia's invasion of Ukraine has disrupted grain supplies and disrupted global trade, as importers and food companies scramble to find other suppliers of corn. Therefore, diversifying corn imports was a strategic decision. So, last year, the share of US corn imports to China was 70%, so against the background of the war in Ukraine and because of the need to find an alternative to it, the share of US corn imports could increase ...