President Vladimir Putin said on Wednesday that Russia would supply soy beans and poultry meat to China and that the United States had effectively given up on that market.
Putin was speaking at the Russia Calling annual investment forum.
Meanwhile, Chicago soybean futures inched higher today as investors waited to see if expected talks between Washington and Beijing at a G20 summit this week will defuse a trade dispute that has choked US soybean exports to China.
Bumper Harvest
The drop-off in soybean exports to China have coincided with a bumper US harvest, threatening to leave stocks piling up despite brisk shipments to non-Chinese destinations.
US President Donald Trump is due to meet with Chinese counterpart Xi Jinping for the first time since the world's two largest economies imposed punitive tariffs on each other's imports.
Trump is prepared to hike tariffs on Chinese imports if there is no breakthrough, White House economic adviser Larry Kudlow said on Tuesday.
Earlier, on 7 November the Russian government had announced plans to start supplying frozen poultry to China by the end of 2018.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
