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China's COFCO to open Canada grain trading office by autumn

Published 2016-06-28, 12:33 p/m
China's COFCO to open Canada grain trading office by autumn
NOBG
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WINNIPEG, Manitoba, June 28 (Reuters) - China's COFCO Agri
CNCOF.UL will open a Canadian crop trading office in Winnipeg
by the time farmers harvest their new crops, the state-owned
agricultural trader said on Tuesday.
The new office, which Reuters reported earlier this month,
will focus on trading canola and its processed products oil and
meal, as well as wheat, barley and soybeans, COFCO said in a
statement.
Harvest time in Canada runs mainly from August to October.
"At a time of tremendous demand pull from China, we see our
new Canadian office as key to connecting Canadian farmers to the
Chinese market," Chief Executive Matt Jansen said.
Canada is the world's biggest canola exporter and a major
wheat exporter.
The company did not specify all the details of how it will
buy and transport grains, but suggested it will purchase
directly from farmers.
"We think our business model will have significant appeal to
Canadian farmers, as we work to bring our consumers' bids
straight to the farm gate," said Kevin Brassington, COFCO Agri's
global head of grains and oilseeds.
The company does not own any grain storage assets in Canada.
Brassington said COFCO would work through existing supply chains
or develop new ones.
COFCO has embarked on an aggressive expansion into
international grain trading, investing over $3 billion to buy
Noble Group's NOBG.SI agribusiness in March as well as a large
stake in Dutch grain trader Nidera.

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