China addresses food security concerns

China addresses food security concerns

US soybean exports to China are leading their five-year average this year, the South China Morning Post reported on Monday, citing industry data. Beijing is looking to protect and bolster its supply chain as global food-security fears mount.

American soybean producers shipped 27.3 million metric tons to China from September 1 to April 22, according to Scott Gerlt, an economist with the American Soybean Association. He told the SCMP that over the past five years, China ordered up to 23 million metric tons in the September-April periods.

Gerlt explained that the Russia-Ukraine conflict cramped China-bound exports of wheat, corn, and sunflower oil from the two farm-rich countries. The conflict has also driven up prices of soybeans as a substitute. Meanwhile, four-fifths of US soybeans are processed into livestock feed in China and the rest into vegetable oil.

Gerlt also noted that the South American soybean-exporting nations – Argentina, Brazil, and Paraguay – have been struggling with drought conditions since last year, reducing shipments to China from normally vibrant sources.

“What’s clear is that China will be paying more to import food for people and livestock, whether it’s now or later in the year, and they don’t have a lot of supplier choices,” Douglas Barry, council communications vice president of the Washington-based advocacy group US-China Business Council, was quoted as saying by the media.

“It’s supply and demand, which augurs another good year for farmers in the US heartland, whether it’s due to volume or value,” Barry said.

China is the world’s top importer of soybeans, purchasing about 97 million metric tons in 2021, according to data by market research firm Statista.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

The Central Bank of Russia (CBR) is considering creating a compensation fund for local investors whose assets have been frozen by Western nations, Governor Elvira Nabiullina said on Thursday during
подробнее...

Price for electricity in two key EU markets saw enormous increases on Friday, forcing the bloc’s leaders to call an emergency meeting to discuss the power-supply crisis that keeps tightening its grip,
подробнее...

Russian energy major Gazprom's stock jumped 31% on Wednesday to 267.25 rubles per share (just over $4.43) on the Moscow Exchange, following the company’s announcement of bumper profits and dividend
подробнее...

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association
подробнее...

The Bulgarian government is considering holding talks with energy giant Gazprom on resuming Russian natural gas imports, Energy Minister Rosen Hristov told Nova TV on Friday.“There are still no active
подробнее...

South Korea has clinched a 3 trillion won ($2.25 billion) deal with Russian state nuclear corporation Rosatom to provide components and construct turbine buildings for Egypt’s first nuclear power
подробнее...

Natural gas spot prices in Europe continue to rise with September futures on the TTF hub in the Netherlands jumping to nearly $3,500 per thousand cubic meters on Friday, according to data on the
подробнее...

Imports of Russian goods by Mexico saw a substantial annual increase of more than 20% during the first six months of the current year, according to the latest figures released by the Bank of Mexico.In
подробнее...

Hundreds of various types of unsanctioned Russian goods worth billions of dollars continue to flow into US ports, Associated Press reported on Thursday.The report highlighted that over 3,600 shipments
подробнее...

The Moldovan government has launched a special website which will help citizens find firewood to heat their homes, authorities announced this week.“The site provides information about the nearest
подробнее...

The EU is planning urgent steps to bring down surging power prices, European Commission President Ursula von der Leyen said on Monday, as quoted by Bloomberg.“The skyrocketing electricity prices are
подробнее...

One of Russia’s top banks, VTB has become the first lender in the country to launch money transfers to China in yuan, sidestepping the Western-controlled global financial messaging system SWIFT.“The
подробнее...

Russia has huge natural gas reserves that could last for more than a century, the head of state-owned Gazprom, Alexey Miller, said on Wednesday at the International Business Congress. “Our consumers,
подробнее...

Major European ports have signaled their readiness to facilitate the export of Russian fertilizers, UN Secretary-General Antonio Guterres said in an interview with RIA Novosti, published on
подробнее...

The engine of European economic development, Germany, is set for a contraction, Deutsche Bank CEO Christian Sewing warned this week, as cited by CNBC.According to the media outlet, Sewing said in a
подробнее...

Russian state-owned energy giant Gazprom confirmed on Tuesday it had cut off off gas supplies to French utilities company Engie. The Paris-based firm has failed to pay for July gas deliveries in full,
подробнее...

The proposal by the EU to place a price cap on Russian natural gas imports is a foolish, non-market-oriented plan that has no future, Russian President Vladimir Putin said on Wednesday.“Faced with
подробнее...

The European Commission on Sunday proposed withholding $7.5 billion in funds allocated to Hungary, due to corruption concerns. The suspension is aimed at protecting the bloc’s budget, according to
подробнее...