September 17, 2020
Cargill buys eastern China soy processing facility via auction
United States-based Cargill, major agricultural commodities trader and processor said they acquired a soy processing facility in eastern China through a judicial auction, expanding the company's presence in the biggest soy consuming nation in the world, Reuters reported.
Cargill's soy facility acquisition is based in Rizhao, Shandong Province, which was owned by Shandong Xinliang Oils & Fats Co Ltd. Cargill paid CNY 421 million (~US$62 million; CNY 1 = US$0.15).
Cargill is one of the biggest foreign soy processors in China, but China-owned processors such as COFCO and Jiusan have far higher soy crushing capacity domestically.
The US Department of Agriculture said China is projected to import about 99 million tonnes of soybean in the 2020 / 2021 crop season, a new record.