Exec says China to import yet more soybeans from Brazil

An executive of a big Chinese processor of soybeans has predicted that China will keep on increasing the amount of soybeans it imports from Brazil, Reuters reports.

The news agency quotes the executive, Yihai Kerry Investments Co. Ltd Vice-chairman Mu Yan Kui, as telling a conference in the United States that buying more soybeans from Brazil is part of a strategy adopted by the Chinese industrial consumers of agricultural commodities to sidestep the tariff of 25 percent that China has imposed on imports of US soybeans as the Sino-US trade war continues.

The strategy, adopted at the urging of Chinese makers of animal feed and pig farmers, also entails feeding pigs less soy meal, obtaining protein from rapeseed or cotton seed, tapping stocks of surplus soybeans, including a government reserve, and buy homegrown soybeans, Reuters says.