China has bought at least 70,000 tons of Argentine soybean oil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict. The move came after China agreed to allow all products coming from Argentina to enter its ports and was reported by Oil World magazine.
China’s two largest state-owned grains and oilseeds trading companies to import soybean oil from Argentina, easing restrictions imposed in April. Beijing-based Cofco Ltd., China’s biggest grain trader, and China Grain Reserves Corp. have been cleared by the commerce ministry to import soybean oil from Argentina.
British newspaper The Financial Times has run a story focusing on Argentina's wheat production, explaining that due to export limits and taxes, farmers have slashed the land sown with wheat to a 111-year low and cereal exports have been halved over the past five years.
Brazil is poised to confirm its largest crop ever, 147.1 million tons in 2009/2010, which is 9% higher that the 135.1 million of 2008/09 according to the latest survey from Conab, the country’s National Supply Agency. The latest record was in 2007/08 with 146 million tons.
Soy-bean imports by China, the biggest buyer, jumped to a record in June after a halt to Argentine soy oil shipments and increasing feed consumption boosted demand from crushers, according to Bloomberg.
Paraguay expects an annual growth of 5% by the end of President Fernando Lugo’s administration which finishes in 2013 and inflation should not be higher than one digit said Economy Minister Dionisio Borda.
Argentina has reached an agreement with China to end the freeze on Argentine soy-oil imports, the government said on Friday. However given the cumbersome negotiation process some Argentine traders are waiting for an official confirmation from Beijing.
Scientists have claimed that eating soy could help prevent men from developing prostate cancer and from going bald. US researchers found a molecule produced in the intestine when soy is digested stops a hormone which can fuel prostate growth or cause baldness.
Gustavo Grobocopatel also known as the Soy King of Argentina praised Uruguay’s conditions for corporate growth and said the country in the last seven years has undergone “revolutionary changes”.
Farmers in Brazil have teamed up to drill an area the size of New York for phosphate-based fertilizers, seeking to cut dependency on producers including Vale S.A. (NYSE:VALE) and Mosaic Co. (NYSE:MOS) after prices surged.