Sinograin signs contracts for soybean imports

China Grain Reserves Group Ltd, or Sinograin, signed business contracts and cooperative agreements with six agricultural goods traders, including the United States-based Cargill Inc and France's Louis Dreyfus Co, to import soybeans, at the first China International Import Expo in Shanghai.

Lu Xiaodong, deputy general manager of Sinograin, said the group will continue to adapt to new international economic and trade conditions, and actively adjust its source for soybean imports, as well as further expand the scale of soybean procurement in South America as it has become a mature and stable trade market channel for its global business.

Eager to ensure its operational ability, Sinograin plans to optimize the scale and structure for reserving oil and grease, and further enhance its supply ability from other foreign markets and enlarge purchases from its home market.

"It is a great honor to have a close partnership with Sinograin and to be able to enter into a significant agreement with our Chinese partner, especially in the context of the first CIIE," said Robert Aspell, president for Asia-Pacific of Cargill.

Aspell said Cargill will deepen its business ties with Sinograin to supply more high quality and heathy agricultural products to China.

Other Sinograin's partners such as Japan's Marubeni Corp, ADM Co and Bunge Ltd from the US, also signed the soybean supply deals during the signing ceremony on Wednesday.