The boss of the biggest farm co-operative in Brazil forecasts that its revenue will grow by 35 percent to 15 billion reais (US$4.01 billion) this year, mainly because of greater demand in China, Reuters reports.
The news agency quotes Coamo Agroindustrial Cooperativa Chief Executive José Aroldo Gallassini as saying the imposition by China of an extra import tax of 25 percent on soybean imported from the United States has boosted prices of Brazilian soybean.
Mr Gallassini said the increase in prices had prompted farmers belonging to his co-op to sell forward around 15 percent of the soybean crop they will begin planting in September – a greater amount than ever before.
He expects higher revenue this year even though drought has reduced the second corn crop, Reuters says.
