China’s COFCO plans to double its Black Sea grain purchases by 2022,

China’s COFCO plans to double its Black Sea grain purchases by 2022, Jingtao Chi, chairman of the agricultural trading group, said Tuesday in Lausanne at the FT Commodities Global Summit. COFCO plans to increase the amount of crops it buys around the world by 50%, to 60 million tons in 2022, Reuters reports. COFCO’s emergence as an international merchant challenges the ABCD quartet of Western farm commodity giants: Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus.