[2020-06-01] COFCO terminal in Santos shifting to handling sugar

Source: Macauhub

Commodities trader China National Cereals, Oils and Foodstuffs Corp. (COFCO) will begin in July using its terminal in the southern Brazilian port of Santos for loading sugar instead of grain, Reuters reports.

The news agency, citing a written announcement by COFCO, says the Chinese state-owned company is making the change in the light of forecasts by analysts of a big increase, by as much as 10 million tonnes, in Brazilian production of sugar this year.

COFCO says its Santos terminal can handle 400,000 tonnes of sugar a month.

The company says it will revert to using the terminal to load grain next January, to handle the new soybean crop in Brazil.

The report says COFCO runs four sugar and ethanol facilities in Brazil.

China is a major destination for Brazilian sugar and exports are expected to increase now China has cut tariffs on its sugar imports, Reuters says.