Chinese state-owned grain trader COFCO is committed to Brazil’s soy-buying moratorium, Allan Virtanen, the company’s global director of communications and sustainability said, despite pressure from Brazilian farmers to make it less rigorous. The soy moratorium is a voluntary commitment by global grain traders not to buy soy grown in areas of Amazon deforestation after 2008.
Sergio Ferreira, COFCO’s director of operations in Brazil, said COFCO is on track to start operating a new grain terminal at Port of Santos in Sao Paulo in April. The new terminal, called STS11, will handle 14.5 MMT of commodities including soybeans, corn, sugar and soymeal per year when fully operational in 2026. STS11 will be COFCO’s biggest export port terminal in the world.
