Brazil's Abiove welcomes agreement to export soymeal to China
FILE PHOTO: A lone tree is seen on a land prepared for the planting of soybeans, in this aerial photo taken over Mato Grosso state in western Brazil, October 4, 2015. REUTERS/Paulo Whitaker
SAO PAULO : Brazilian oilseeds crushers group Abiove on Friday welcomed an agreement between Brasilia and Beijing to allow soybean meal exports from Brazil to China.
Abiove said in a statement, however, that it is still necessary "to understand the procedures for accreditation of the crushing plants," which seems to be a requirement for actual deals and shipments to take place.
The Brazilian government confirmed that China opened its market to soybean meal produced in the South American country, adding shipments would begin when certain bureaucratic hurdles are removed.
The trade group, which represents companies like U.S.-based Cargill and China's Cofco, said the soymeal agreement is an important step towards greater diversification of the sector's exports.
Brazil exports mainly soybeans, and now has the prospect of also selling more soymeal and soy protein concentrate (SPC), which is used to feed livestock.
