(Photo: Ambassador Diego Guelar after signing the agreement)

Buenos Aires, September 11th. A few weeks ago, we published about the Chinese inspection on soybean crushing plants, with the goal to habilitate them to export soybean meal to the Asian country. Chinese mission

Yesterday, Argentine Ministry of Agriculture, Livestock, and Fisheries announced a bilateral agreement to allow the soybean meal export to China. “After 20 years of negotiations, finally we reached an agreement”, President Mauricio Macri tweeted. Th

“This is a historic agreement,” Gustavo Idigoras, president of Argentina’s CIARA-CEC chamber of grain exporting and oilseed crushing companies because it involves the largest soymeal world exporter with the major soybean importer.

But Idigoras said the deal still required a two-step process of plant authorizations and then registrations that could take several months, according to Reuters. As we said from eFarmNewsAr.com, first at all, China must formally approve the plants allowing to export, and then, products must be registered by the Asian authorities. Thus, first shipments could do in the first months of 2020.

Argentina is forecast to export more than 30 million tonnes of soymeal in 2019-20, according to the U.S. Department of Agriculture.

China, which only imports a small amount of soymeal each year, is by far the world’s largest consumer of the feed product. In 2019-20, it is forecast to consume 66 million tonnes of soymeal, double the amount of the United States, which ranks second in consumption.

“We think that this a huge switch in the Chinese food policy, that continues the opening of the Asian country to buy value-added food in the international market. We are confident that the local crushing industry is able to supply soybean meal to China at competitive prices”, Javier Preciado Patiño stated after knowing the agreement.