China seeks stronger soybean ties with Russia

China is willing to cooperate more closely with Russia in the soybean industry, its agriculture ministry quoted an official as saying on Wednesday, without giving any details.

Speaking at a forum in Moscow on Tuesday, Li Jinghui said that agricultural cooperation was a key component of China-Russia bilateral relations, according to a ministry statement.

The remarks come as China, the world’s largest soybean buyer, seeks to diversify its sources of soybeans and reduce reliance on the United States.

China imports over 100 million metric tons of soybeans and grains per year, particularly from United States and Brazil.

Recently, U.S. soybean merchants have been racing to ship a record-large harvest ahead of the U.S. presidential election amid fears of renewed trade tensions with China.
Source: Reuters (Reporting by Ella Cao and Ryan Woo; Editing by Jason Neely and Mark Potter)