China plans South American soybean import increase

China said it plans to source more soybeans from South America to supplement imports from the US, state media reported. The China National Cereals Oils and Foodstuff Import & Export Corp said that high US prices will lead Chinese traders to favor importing from South American countries once genetically modified (GM) beans from Brazil an its neighbors receive Ministry of Agriculture (MOA) approval. China said at least one South American country has applied for MOA GM safety approval, most recently granted to US GM seed producer Monsanto. China imported 20.74 million tons of beans in 2003, the most it has ever imported in one year.