Cofco International Ltd announced that it is in the process of loading a bulk cargo of Argentine corn destined for China, marking the first shipment of its kind in over 15 years as the two nations enhance their agricultural trade relations. The agreement follows China’s approval of Argentine corn imports for 2024, coinciding with the commencement of a substantial harvest in the South American country. China secured an unusual cargo of Argentine wheat last year, marking the first shipment in decades.
The shipment of approximately 34,000 metric tons of corn is set to be loaded at Cofco’s Timbúes port terminal in Argentina, with its destination being China’s feed sector, as stated by the agricultural giant’s trading unit on Wednesday. Cofco stated, “The cargo reflects increasing alignment between the two markets and provides an additional origin option for Chinese buyers.”
The two nations continue to uphold a strong trade relationship, despite Javier Milei’s previous commitment to limit connections with Beijing upon assuming the presidency of Argentina. South America is gaining significance in the realm of crop trading with China. In the current season, there have been no sales of US corn to China, despite the fact that exports from the world’s leading corn exporter have been at a record pace this year.