China National Cereals, Oils and Foodstuffs Corp － the country’s biggest food trader by sales revenue, on Monday [21 August 2017] confirmed that COFCO International Ltd, one of its subsidiaries, has formed a grain supply partnership with the Illinois-based farm cooperative Growmark Inc. The deal was sealed at Bloomington, Illinois on Aug 15. As part of the deal, they will jointly own and operate a truck, rail and barge terminal in Cahokia, Illinois, on the Mississippi River, the main pipeline that supplies exporters along the US Gulf Coast with corn and soybeans…Full Article: China Daily Aug 2017
- As a result of the August 2017 agreement, Growmark will assist COFCO’s Saint Louis office in sourcing grain. In 2016, COFCO acquired a grain terminal near the Port of Saint Louis due to its 2016 acquisition of Nidera.
- In August 2016, COFCO announced it would buy out the remaining outstanding stake in Nidera BV from Cygne BV.
- In October 2015, a “rogue trader” from Nidera BV (COFCO-owned) lost $200 million in biofuels. According to the Nidera CEO, the financial losses were noticed after global biofuel prices dropped in early 2015.
- In February 2014, COFCO purchased a 51% stake (estimated at US$1.2 billion) in Nidera, a Dutch grain trading company. As a result, COFCO will be able to source oilseeds, corn, soybeans, and edible oils directly from Brazil, Argentina, and Uruguay.
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