As China looks to diversify its soybean supply away from the United States, Commerce Minister Zhong Shan agreed with Russian counterparts to “deepen trade in soybeans and other agricultural products” during a meeting this week.
At an investment forum in Moscow last year, Putin said that Russia would increase its production and export of soybeans to China in a bid to fill the gap in the market left by the US.
Despite this, Russian soybean exports to China actually decreased between September and May, according to Russian customs data. Over the same period in 2017 and 2018, Russia sold 690,000 tonnes to China, compared to 580,000 tonnes this season, said UKR-Agro Consult, a Ukrainian agricultural research house.
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