FILE PHOTO: Corn is harvested from a subject on Hodgen Farm in Roachdale, Indiana, U.S. October 29, 2019. REUTERS/Bryan Woolston/File Photograph
BEIJING/SINGAPORE (1) – China is making ready to purchase greater than 30 million tonnes of crops for state stockpiles to assist defend itself from provide chain disruptions due to the coronavirus pandemic and make good on pledges to purchase extra U.S. crops, three sources instructed 1.
China plans to add about 10 million tonnes of soybeans, 20 million tonnes of corn, and 1 million tonnes of cotton to its state reserves, stated two of the sources who had been briefed on the federal government plan.
The majority of the crops could be imports, and primarily from the USA, as China works to fulfil its dedication beneath the Part 1 commerce deal signed in January, the sources stated.
“The principle message from (Beijing) is to safe individuals’s livelihood. It’s a good time to construct up reserves, particularly when costs of the products are at fairly low ranges,” stated one of many sources.
Reporting by Hallie Gu and Jing Xu in Beijing, Keith Zhai in Singapore; further reporting by Michael Hogan in Hamburg; modifying by Gavin Maguire and Richard Pullin