February 17, 2012

Chinese, US firms agree on soy deals

COFCO Co Ltd and China Grain Reserves Corp inked agreements with US grain giants such as Archer Daniels Midland Co, Bunge Ltd and Cargill Inc., among others.

A trade delegation from China sealed an agreement to buy 8.62 million tonnes of soy from America with a value of US$ 4.31 billion on February 15, sources reported.

The trade delegation is expected to sign more agreements in Los Angeles to bring the total soy purchase volume to more than 12 million tonnes.