BEIJING, CHINA — COFCO was granted another 500,000 tonnes of soybeans from China’s reserves for commercial crushing, Reuters reported, citing two sources briefed on the matter.
Rains delayed cargoes from Brazil and caused soybean inventories to fall to record lows. One of the sources told Reuters the supplies will be delivered to COFCO’s crushing plants in the next couple of weeks.
The supplies will help crushing companies maintain soybean meal output until fresh soybeans arrive from Brazil and elsewhere later in the month.
This is the second batch of reserve soybeans granted to COFCO this year. Sinograin released 500,000 tonnes earlier in the year, Reuters said.
China’s weekly soybean stocks were at 3.49 million tonnes by April 7, down from 3.55 million tonnes, and close to record lows reached in March. Soy meal levels were at their lowest level since at least June 2011.
Follow our breaking news coverage of the coronavirs/COVID-19 situation.
