China’s state-owned grains trader COFCO said a new joint venture it has set up with state stockpiler Sinograin to manage the country’s grain reserves will officially begin operations next month.
The China Enterprise United Grain Reserve Co. Ltd was established in September, according to COFCO, and is part of Beijing’s efforts to improve the efficiency of its grain reserves and better ensure food security.
COFCO operates within COFCO International—the overseas ag business platform that is China’s largest food and ag company.
According to the company website, COFCO International has:
• 27 million tonnes of processing capacity
• 33 million tonnes of port capacity
• 60% global access in the world’s No. 1 exporting region: South America
COFCO International says it handled over 130 million tonnes of related commodities with revenues of $48 billion in 2022.
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