Russia plans to increase production of soybeans in the Far East for deliveries to China, Prime Minister Dmitry Medvedev told reporters in Beijing. The two countries are also planning to work more closely on other agriculture products, including rice, pork, poultry, fish, and to develop logistics.
While Russia is a tiny supplier of soybeans, the move shows one of the effects of the U.S. trade war is closer Chinese and Russian ties. China has also been looking to diversify its sources of food as part of a broader Belt and Road initiative that’s backed by hundreds of billions of dollars for infrastructure projects.
“We can expect an increase in exports from Russia to China, but it will not skyrocket,” said Laurent Crastre, an oilseed analyst with French agriculture consultancy Strategie Grains. “It will be one more option they will have to source soybeans.”
bloomberg.com
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