Sinograin agrees to buying soybean and soyoil

(Photo: chairman of Sinograin Deng Yiwu and Ag-Ingustry secretary Mr. Etchevehere after sign the agreement)

By Rodrigo Banus, special for

November 30th- Buenos Aires. From Friday to Sunday, Argentina is hosting G20 summit. Presidents from 32 countries have come to our country. In agriculture and economy, three points are important to be remarked.

The first one is the Chinese company Sinograin, whose president is Deng Yiwu has made an agreement with agriculture secretary Luis Miguel Etchevehere. The deal is related to buy 2.000.000 to 3 million metric tons more of soybean grain in 2018/2019 and 400.000 tons of soybean oil. China is now buying again soybean oil after three years. Another topic of the agreement is related to the quality of the soybean grain that will be stored in the state reservoir.

The deal also has a consideration related to eliminating sanitary and technical barriers to simplify the commerce between the two countries. Allowing more Argentine product could be bought by this Chinese company.

This deal consolidates China as one of the most important clients of Argentine ag-industry.

Another Chinese company, China Railway Construction Corporation, also will invest in train transportation in San Martin Cargas in an amount of 1089 millions of dollars. The financial needs will be discussed at a further stage. This is one of the main topics in the meeting of Mauricio Macri, president of Argentina and Xi Jinping Chinese leader. The new infrastructure will allow transporting form Mendoza near the Andes mountains, to Buenos Aires in the Atlantic Ocean. And also reduce cost and add the volume of a shipment transported for 1,5 million today to 3 million in 2025 and 8 million in 2030.

The last key deal reached with China by the Argentine government is related to exports in goat and sheep meat from Patagonia, an interesting export market for Argentina which is now only 7 million dollars. Another business related to this accord are horse genetic, which is about 30 million dollars of exports and pancreatic products for industrials needs, and bovine semen.

This last deal was signed by Luis Miguel Etchevehere, agriculture secretary and Yang Wanming Chinese ambassador in Argentina.

These new investments, buys and cooperation is happening during the actual host of Argentina in the G20 summit this week.

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