China has asked trading firms and food processors to boost inventories of grains and oilseeds as a possible second wave of coronavirus cases and worsening infection rates elsewhere raise concerns about global supply lines.
FILE PHOTO: A worker inspects soybeans during the soy harvest near the town of Campos Lindos, Brazil February 18, 2018. Picture taken February 18, 2018. REUTERS/Ueslei Marcelino/File Photo
“They have advised us to increase stocks, keep supplies higher than we usually have. Things are not looking good in Brazil,” he added, referring to China’s main supplier of soybeans and a key meat exporter where the number of coronavirus cases has surpassed those in Spain and Italy. China’s Ministry of Commerce did not respond to a fax seeking comments on plans to increase food stocks.Brazilian shipments of soybeans were delayed in March and April due to a combination of heavy rains and reduced manpower as coronavirus containment measures took effect, leading to a plunge in Chinese soy inventories to record lows.China’s state-owned agriculture conglomerate COFCO and grain stockpiler Sinograin have been stepping up purchases of U.S. soybeans and corn in recent weeks.
China is under pressure to buy more U.S. farm products under a trade deal signed between Washington and Beijing in January, and trade sources expect more of China’s crops to come from the United States once the South American export season ends and the North American harvests approach in the autumn. FILE PHOTO: Employees working at cargo ship Kypros Land which is loading soybeans to China at Tiplam terminal in Santos, Brazil, Merch 13, 2017. Picture taken March 13, 2017. REUTERS/Paulo Whitaker/File Photo
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