Uncovering China's Five Major Grain and Oil Giants: The Turbulent World of the Food Industry

With the end of China's WTO transition period in 2008 regarding restrictions on foreign enterprises entering the grain circulation sector, international grain traders have been eager to enter the Chinese market. Among the many international grain traders, the most famous are ADM, Bunge, Cargill, and Louis Dreyfus. People often refer to them as the 'ABCD' four major grain traders based on the first letters of their names. These four major grain groups, which hold a significant share of global grain trade, operate discreetly and rarely make headlines, but their impact on the world's grain environment cannot be underestimated. Former U.S. Secretary of State Henry Kissinger once warned: 'Control oil and you control nations; control food and you control the people.' While saying the four major grain traders control humanity may be somewhat of a joke, their control over grain is an indisputable fact. Understanding them is essential for the development of China's grain industry.

I. Origins of the Four Major Grain Traders

ADM (Archer Daniels Midland)

The founder of ADM started related business as early as 1902, but it was in 1905 that the name Archer Daniels was registered in Minneapolis, Minnesota, USA. Now, ADM's headquarters is in Decatur, Illinois. After its establishment, ADM expanded its influence to Wisconsin, New York, and other places over the following years. As capital accumulated, in 1923, after acquiring Midland Linseed Products Company, the company was officially renamed Archer Daniels Midland, giving birth to the renowned ADM. ADM gradually expanded its business scope to include flour milling, food processing, feed, specialty foods, cocoa, and nutritional products. Starting in the 1980s, ADM began to go global. In 1983, it established an Asia-Pacific branch in Hong Kong; in 1986, it expanded into Europe with acquisitions in the Netherlands and Germany; and in 2000, it officially entered China. Today, ADM has become a huge and complex multinational corporation. Its subsidiaries include about 270 manufacturing plants worldwide, engaged in cocoa and corn processing, food additives, nutritional supplements, edible oils, and more. Additionally, it is involved in large-scale grain storage and transportation. Currently, ADM is the world's largest processor of grains and oilseeds, the largest soybean crushing plant and corn additive manufacturer in the U.S., the second-largest flour mill in the U.S., and the fifth-largest grain export trading company in the world.

Among the four major grain traders, ADM is known for its emphasis on R&D, continuously supporting its growth through chemical research. It now has a good cooperative relationship with Procter & Gamble. Almost from the beginning of biofuels, ADM quickly became the largest producer of bioethanol in the U.S. After former President George W. Bush proposed the biofuel plan, ADM fully supported it, even hiring a former oil company CEO as its own CEO. In 2007 alone, the company invested over $1 billion in renewable fuels, making it the world's largest producer of renewable fuel ethanol. The company also announced plans to invest $2.3 billion in this field by 2009 and has initiated cooperation plans with companies like Volkswagen.

Bunge

Bunge was founded by Johann Peter Gottlieb Bunge in Amsterdam, the Netherlands, in 1818, and its headquarters were moved to Belgium by his grandson in 1859. Initially, the company traded spices and rubber from overseas colonies. In 1876, the company moved to Argentina, beginning its development in the Americas. After Jewish grain trader Alfred Hirsch joined, the business expanded to other crops, including various grains and oilseeds. In 1935, Bunge entered North America. Subsequently, the company grew rapidly in North and South America. In 1999, it officially moved its headquarters to New York, USA. In 2000, Bunge officially entered China. Based on the idea of balanced global development, Bunge increased its investment in Eastern Europe in 2004. To date, Bunge has over 450 factories in 32 countries and has become the world's fourth-largest grain export company. According to public reports, Bunge is currently Brazil's largest grain exporter, the second-largest soybean product exporter in the U.S., the third-largest grain exporter, the third-largest soybean processor, the world's fourth-largest grain exporter, and the largest oilseed processor. In addition to grain processing and export, Bunge has expanded into textiles, fertilizers, paints, and banking, with factories and operations in Brazil and the U.S.

Among the four major grain traders, Bunge is known for focusing on the entire process from farm to end-user. It owns large farms in South America, selling fertilizers to farmers while purchasing their grain for export or further processing.

Cargill

Cargill was founded by William Cargill, a shipping merchant of Scottish origin, and his brother in Iowa in 1865. In 1868, the factory was moved to Minnesota, and in 1875, the headquarters were moved to Wisconsin. Today, Cargill has annual revenues of up to $90 billion and annual profits of over $2.5 billion. It is the second-largest privately held company in the U.S., the third-largest grain export company in France, the largest manufacturer of corn feed in the U.S., the third-largest flour milling enterprise and slaughtering and meat packaging plant in the U.S., and the largest pig and poultry (such as broilers and turkeys) farm. Its grain export and trading business is not only the largest in the U.S. but also the largest in the world. Additionally, it owns the most grain silos in the U.S., handling everything from food production and packaging to every link in the market. Its business spans five continents and 66 countries, making it the world's largest. Furthermore, it owns a hedge fund with assets exceeding $10 billion, Black River Asset Management, and is involved in high-tech and high-return biotech R&D projects, including genetic engineering.

It is worth mentioning that Cargill has always paid attention to logistics, as evidenced by its fleet of 400 flat-bottomed grain barges and 2,000 large container trucks. Cargill advocates open free trade, and its development strategy focuses on developing potential markets in the third world. Cargill has 27 joint ventures and wholly-owned enterprises in China, spread across coastal areas.

Louis Dreyfus

Louis Dreyfus is a multinational group founded by Frenchman Léopold Louis-Dreyfus in 1851, with its headquarters in Paris, France. It pioneered and developed European grain export trade and is now the world's third-largest and France's largest grain exporter, as well as the world's largest exporter of grain to Russia. Over more than 150 years, the Louis Dreyfus Group has expanded into a wide range of fields and maintains close ties with influential European political figures. The Louis Dreyfus Bank, established later, is the fifth-largest bank in France. With offices in many countries and regions, the company participates in various commercial activities worldwide, with annual sales exceeding $20 billion. The Paris headquarters manages and formulates the group's development strategies, coordinating the group's commercial activities. Currently, Louis Dreyfus has branches worldwide, mainly in Buenos Aires, London, Paris, São Paulo, and in the U.S., Wilton and Memphis.

Louis Dreyfus's latest business activity is the global production and trading of renewable fuels, including the manufacturing and trading of ethanol produced through fermentation or synthesis. Its main raw materials for fermentation-based ethanol are sugarcane and grains. It owns two large fermentation-based ethanol plants in Brazil. Through offices in London and elsewhere, Louis Dreyfus actively engages in ethanol trading from production to destination, as well as ethanol market development, aiming to globalize the ethanol market.

The Commodity division of the Louis Dreyfus Group is responsible for global agricultural trade. It places great importance on futures trading to balance risks. In China, Louis Dreyfus (Beijing) Co., Ltd., established in 1994, is a self-operated member of the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange. In the Chinese futures market, international background funds often have a scale larger than domestic funds. Since 2006, after obtaining a license for domestic corn trade from the Chinese government, Louis Dreyfus (Beijing) Co., Ltd. has actively expanded its presence in the Chinese market.

II. The Four Major Grain Traders' Layout in China

ADM's actions in China are relatively obvious. Its typical representative is Yihai (China) Group, jointly invested by ADM and Singapore's Wilmar Group. Yihai Group was established in 2001, with its headquarters in Lujiazui, Shanghai. Currently, the group directly holds controlling stakes in 38 factories and trading companies in China, and also holds stakes in several well-known domestic grain and oil processing enterprises such as Luhua. Its factories are spread across major coastal provinces including Hebei, Shandong, Jiangsu, Fujian, Guangdong, and Guangxi, as well as inland regions such as Sichuan, Hubei, Hunan, Xinjiang, Ningxia, and Heilongjiang. Its trading companies and offices cover all provinces except Tibet, Hong Kong, Macau, and Taiwan. The group's annual oilseed crushing capacity is 10 million tons, with an annual oil refining capacity of 3 million tons and a fractionation capacity of 1 million tons. Its soybean meal exports account for over 70% of the national annual export total, making it one of the largest oil and oilseed processing enterprise groups in China. On the basis of vigorously developing oil and oilseed processing projects, the group has also fully entered deep processing projects for wheat, rice, cottonseed, sesame, and soybean protein concentrate. It has also invested in and held stakes in railway logistics, storage and procurement bases, shipping, and shipping agencies, moving towards multi-variety and diversified development. As early as 2005, Yihai Group began to shift its investment towards other agricultural product processing fields, investing in Yihai Rice Industry in Heilongjiang. In December 2005, Yihai (Jiamusi) Grain and Oil Industry Co., Ltd. was established to handle the group's business in Northeast China. Yihai (Jiamusi) Grain and Oil Industry Co., Ltd. has cooperated with Heilongjiang Yihai Grain and Oil and Heilongjiang Longliang Reserve Company to build large-scale storage and procurement bases; conduct domestic and international trade in rice, corn, and other products; establish logistics companies to connect transportation channels; build corn and rice processing bases; and establish large-scale grain processing bases in major high-quality rice and soybean production areas such as Jiamusi. Yihai Group has established a comprehensive grain and oil business network in the three northeastern provinces and parts of Inner Mongolia.

Cargill has 27 wholly-owned and joint venture companies in China, with its headquarters in Shanghai. It has established feed mills, oil mills, high-fructose syrup plants, and other processing plants in most provinces and cities in China, and is also laying out its fertilizer market in China. Cargill has established wholly-owned Shandong Cargill Fertilizer Co., Ltd., as well as joint ventures such as Yunnan Sanhuan Zhonghua Cargill Fertilizer Co., Ltd. Apart from the planting sector, Cargill's chain in China is basically complete.

Bunge, which entered the Chinese market relatively late, has over 450 factories in 32 countries worldwide and is known among the four major grain traders for its focus on the integrity of the industrial chain from farm to end-user.

Louis Dreyfus has had feed and grain trade with China since the 1960s.

The WTO transition period for foreign enterprises entering China's grain circulation sector ended in 2008. This means that foreign capital can now legitimately engage in grain purchasing, sales, storage, transportation, processing, import, and export activities in China. China is a populous country and a major grain producer and consumer. Facing such a huge Chinese market, foreign grain traders, led by the four major grain traders, are all eager to get a share. Whether this is a 'wolf coming' or a 'catfish effect' that promotes the healthy development of China's grain market remains a subject of ongoing debate.

The entry of foreign capital has caused panic among some domestic grain enterprises. Some worry that after foreign capital enters the grain circulation sector, with its strong strength, it will dominate the domestic grain circulation pattern through mergers, acquisitions, and cooperation, squeezing the living space of domestic grain enterprises, controlling China's grain prices, threatening the survival of domestic grain enterprises, and endangering domestic grain security. Therefore, some suggest that the government should continue to restrict foreign capital's activities in the grain sector through administrative means. Affected by this, according to media reports, some foreign enterprises have been refused when applying for 'Grain Purchase Licenses' by local grain authorities. The reason is that instructions from above require stopping the issuance of licenses to foreign enterprises.

Among the reasons for opposing foreign capital's entry into China's grain industry, the so-called 'lesson' of China's soybean market opening is most frequently cited. In 2001, China opened its soybean market, and foreign enterprises poured in, with multinational giants beginning to get involved in China's soybean industry. In 2004, after being severely suppressed by international investment funds, small and medium-sized soybean processing enterprises and local oil pressing enterprises in China could not bear the burden and declared bankruptcy one after another, being acquired at low prices by foreign capital. In 2008, according to the U.S. Department of Agriculture's forecast, China would import 35.5 million tons of soybeans that year, with import dependence exceeding 70% for the first time. Of China's 90 major domestic oil pressing enterprises, 64 had become wholly foreign-owned or joint ventures, controlling 85% of the actual processing capacity. The pricing power for soybeans was basically lost. The 'lesson' of the soybean market is still fresh in people's minds, and many believe that the full liberalization of the grain market may repeat the same mistake.

However, according to industry insiders, the 'ABCD' enterprises' control over China's soybean pricing power is not simply about obtaining processing profits; it is part of a very large global strategic layout, with China being just one link in this layout.

After multinational grain traders controlled China's soybean market, a global layout was formed with raw materials abroad and processing in China.

III. The International Grain Market Under the Integration of the Four Major Grain Traders

Whether people want to believe it or not, the 'ABCD' four major grain traders control 80% of the world's grain trading volume. Voices saying 'only they can set prices' are common, reflecting a sense of injustice but more so helplessness. In the context of integration and restructuring in international markets, the international grain market has taken the lead. The four major grain traders have occupied the majority of the international grain market with absolute advantage, controlling grain trade in many countries and maintaining close ties with governments, further consolidating their 'dominant' position. It seems nothing can stop them from conquering new territories. Their methods include occupying grain markets and controlling grain markets through futures. The most dangerous aspect is that the four major grain traders operate as integrated conglomerates, controlling the entire chain from production inputs like seeds and fertilizers to establishing their own transportation channels in the circulation sector. It is precisely this chain-based development model that makes it easier for the four major grain traders to control grain prices and profit from them. Bunge unhesitatingly attributes its miraculous performance to high international grain prices. Despite investments in mining and other sectors, agriculture remains Bunge's strongest division. In 2007, business grew in all regions: in Europe and South America, profits from grain development and oilseed processing increased; in North America, grain exports increased significantly.

Due to different business focuses, the four major grain traders have different business models. For example, in the biofuel sector, ADM, known for its emphasis on R&D, quickly became the largest producer of bioethanol in the U.S. almost from the beginning of biofuels. After former President Bush proposed the biofuel plan, ADM fully supported it, while other grain traders were more cautious. To date, Bunge only has a wholly-owned sugarcane ethanol plant in Brazil. Louis Dreyfus only began building its first biofuel plant in the U.S. in 2006, with an annual production capacity of 8,000 gallons of biodiesel. As for Cargill, although it also produces ethanol, its enthusiasm for providing biofuel technology and services to interested investors seems to exceed its enthusiasm for investing in production itself. The divergence among the four major grain traders lies in their different judgments about the future direction of the market. One faction, represented by Cargill, believes that rising grain prices cannot effectively suppress demand or effectively expand arable land, so there will not be much grain available for biofuels in the future. Additionally, the future development of biofuels directly depends on oil prices; if oil prices fall, biofuels will become unprofitable.

Although the four major grain traders hold over 80% of global agricultural trade, if they tacitly act in the same direction, their influence is undeniable. Therefore, many worry that the free trade system for agricultural products is about to collapse, prompting governments to take action to protect their national grain security. Ge Nuoren, Chairman and President of Cargill Investment (China) Co., Ltd., once said that there is a competitive relationship among the four major grain traders, and there is no cooperative organization like OPEC, making it difficult to form a unified interest trend. However, the 'energy' of the four major grain traders should not be underestimated, and the reactions of various countries are not unfounded. This also proves the strength and influence of the four major grain traders. In the international grain market environment where competition is the premise, the powerful four major grain traders are difficult to surpass, and their next moves will be closely watched by all countries.

Case Analysis

ADM's Development Roadmap in China

By taking stakes in multiple Chinese companies, acquiring crushing plants, and controlling the pricing power of imported soybeans.

If it weren't for the global food crisis at the beginning of the year, the exceptionally low-key American ADM (Archer Daniels Midland) might still be quietly making big profits in China. But now, as the ABCD four major grain traders (ADM, Bunge, Cargill, and Louis Dreyfus) are brought to public attention, their industrial chains in China are gradually emerging.

Involvement in COFCO and Huanong Group

ADM is currently the world's largest edible oil producer and crop processor, leading in soybean, corn, wheat, and cocoa processing. It is also a major company in soybean meal, soybean oil, ethanol, high-fructose corn syrup, and flour. It has over 260 processing plants worldwide.

In China, ADM has a long-standing relationship with COFCO, the largest grain and oil enterprise. In the early 1990s, ADM and COFCO jointly engaged in oil and fat business, including developing the 'Fulinmen' brand edible oil. According to a senior industry insider, ADM's investment in cooperation with COFCO International in oil and fat alone exceeded RMB 2 billion. Among the five oil and fat enterprises controlled by COFCO, ADM holds a 30% stake in Dahai Grain and Oil Industry (Fangchenggang) Co., Ltd., with cash investment of over $40 million. In other enterprises, ADM's stakes are slightly lower, averaging around 22%. The main import source for 'COFCO series' edible vegetable oil is, of course, ADM.

In addition to 'involving' COFCO, ADM also acquired a 30% stake in Huanong Group's Zhanjiang Oil Plant. Furthermore, in 1995, ADM established a wholly-owned subsidiary in Dalian, China - ADM Animal Health and Nutrition (Dalian) Co., Ltd., and has factories in Guangzhou and Chengdu for other businesses. However, ADM's most common practice in China is 'only taking stakes.' Regarding this, Tian Renli, General Manager of Jiusan Oil Company, believes that multinational grain traders invest in China's soybean processing industry with the premise of selling 'foreign soybeans.' 'For example, ADM acquired a 30% stake in Huanong Group's Zhanjiang Oil Plant but obtained 70% of its raw material procurement rights. This shows that multinational grain traders do not intend to use China's soybean processing enterprises to make money, nor do they want to take the risks of the soybean processing industry. They only want to gain a say in imported soybeans through shareholding, making China's soybean processing industry a link in realizing international trade profits.'

Yihai Kerry 'Drawing a Clear Line'

ADM's 'landmark work' in China is widely considered to be the Yihai Group, the largest grain and oil group in China, jointly invested with Singapore's Wilmar in 2000. Especially after the end of 2006, when Wilmar International acquired Kerry Grain and Oil for $2.7 billion and merged it with its Chinese subsidiary Yihai Group to form the even larger Yihai Kerry Group. The entire Yihai Kerry Group has invested in over 40 grain, oil, and food production and processing enterprises in China, spanning 30 cities including Shanghai, Beijing, Shenzhen, Guangzhou, Tianjin, Qingdao, and Qinhuangdao. In the year of the merger, media reported that Yihai Kerry had gained control over domestic oil and fat prices, becoming an oligarch in China's edible oil market.

However, regarding the recent overwhelming reports, Lu Wenyu, CFO of Yihai Kerry, recently clarified to our reporter: 'Currently, ADM only holds about 16% of the shares of Singapore-listed Wilmar International, and it does not participate in specific production and operation activities. It is just a shareholder, a 'pure investor.' Another senior executive of Yihai Kerry revealed that when the two companies merged in 2006, ADM and Wilmar International exchanged shares, making Yihai Kerry a wholly Singapore-owned enterprise. 'ADM just bought our Singapore stocks. Yihai Kerry's chairman, Kuok Khoon Hong, is also the nephew of patriotic overseas Chinese tycoon Robert Kuok. It is not as some mistakenly say that Yihai Kerry is an ADM-controlled enterprise.'

Promoter of Biodiesel

As the leading grain and oil company in the U.S., ADM's network penetration in the U.S. is even stronger. According to Professor Zhou Li from the School of Agricultural Economics and Rural Development at Renmin University of China, the market concentration of the four largest soybean oil crushing companies in the U.S. was 54% in 1977, 61% in 1982, 71% in 1987, and 80% in 2002. The top four companies are ADM, Bunge, Cargill, and Ag Processing Inc., with the top three reaching 71%.

Because it has grain in hand, ADM has become an enthusiastic advocate and participant in biofuels in the U.S. and Europe. The company has built a plant in Europe with an annual production capacity of 300 million gallons of biodiesel, and in the U.S., it has built a biodiesel plant with an annual capacity of 135 million gallons, with new plants continuously under expansion.

Because producing 1 gallon of biodiesel requires about 7.5 pounds of vegetable oil. Two years ago, ADM Vice President William Camp said that with the increasing demand for biodiesel, the next 3-5 years will lead to tight vegetable oil supply and rising prices. Obviously, such a supply-demand imbalance is the best state for vegetable oil suppliers like ADM. However, this aggressive development of new biofuels, including bioethanol and biodiesel, is considered one of the main reasons for pushing up global grain prices.

About Cargill

Cargill is a global provider of food, agriculture, and risk management products and services. It has 160,000 employees in 67 countries. The company is committed to using its knowledge and experience to cooperate with customers to help them succeed. Cargill's fiscal year 2008 (June 2007 to May 2008) revenue was $120.4 billion. Cargill's goal is to become the global leader in nourishing people by creating unique value for customers. Our approach is to be trustworthy, innovative, and enterprising.

Cargill's trade with China began shortly after President Nixon's visit to China in 1972. Currently, Cargill's annual trade volume with China exceeds $5 billion. In the past few years, Cargill has been one of the largest buyers of Chinese corn and has opened new international markets for Chinese corn. Cargill also purchases other commodities from China, such as apple juice and steel, while exporting various foods and fertilizers to China. Cargill has invested in 34 wholly-owned and joint venture enterprises in 20 provinces and cities in China. Cargill and its joint venture partners have invested approximately $700 million in China's agricultural and food industries. Investment projects range from soybean oil pressing in Guangdong, corn deep processing in Jilin, to animal feed production in Sichuan. Other projects include feed protein production, corn syrup refining, and specialty food ingredient production. Cargill and its partners employ over 4,400 people in China.

Cargill's Business Distribution in China

China location map_v3

Dacheng-Cargill High Fructose (Shanghai) Co., Ltd.
COFCO Syral Corn Industry Co., Ltd.
Cargill Bioengineering (Zibo) Co., Ltd.
Cargill Asia-Pacific Food Systems (Beijing) Co., Ltd.
Cargill Xinwang Bioengineering (Wuhan) Co., Ltd.
Uni-President Cargill (Dongguan) Feed Protein Technology Co., Ltd.
Cargill Grain and Oil (Nantong) Co., Ltd.
Cargill Feed (Zhenjiang) Co., Ltd.
Nongbiao Purina (Jiaxing) Feed Co., Ltd.
Cargill Feed (Nanjing) Co., Ltd.
Nongbiao Purina (Fushun) Feed Co., Ltd.
Yantai Nongbiao Purina Feed Co., Ltd.
Nongbiao Purina (Langfang) Feed Co., Ltd.
Nongbiao Purina (Chengdu) Feed Co., Ltd.
Nongbiao Purina (Changsha) Feed Co., Ltd.
Nongbiao Purina (Foshan) Feed Co., Ltd.
Nongbiao Purina (Zhengzhou) Feed Co., Ltd.
Nongbiao Purina (Harbin) Feed Co., Ltd.
Cargill Animal Nutrition - Cargill (U.S.)
Cargill Investment (China) Co., Ltd.
Cargill Investment (China) Co., Ltd. Dalian Branch
Cargill International Enterprise Co., Ltd.
Grain and Oilseed Hong Kong - Grain Trade
Cargill Investment (China) Co., Ltd. Beijing Branch
Dongshi Trading (Shanghai) Co., Ltd.
Qingquan Consulting (Beijing) Co., Ltd.
Nongbiao Purina (Xinjiang) Feed Co., Ltd.
Cargill Food (Tianjin) Co., Ltd.

Bunge

Bunge's current enterprises in China mainly produce feed-grade soybean meal with protein content of 43%, 46%, and 48%, lecithin concentrate, salad oil, and other products.

Louis Dreyfus has had feed and grain trade with China since the 1960s and places great importance on agricultural product futures trading. Since 2006, after obtaining a license for domestic corn trade from the Chinese government, Louis Dreyfus (Beijing) Co., Ltd. has actively expanded its domestic market. Public information shows that Louis Dreyfus's corn export business from China continues to grow, and its cotton company in the U.S. has become the largest cotton supplier to China. In 2003, its sales in China had already exceeded $1.6 billion.

Louis Dreyfus

Louis Dreyfus's connection with China can be traced back to 1972 when U.S. President Richard Nixon visited China. As part of the trade agreement, Louis Dreyfus made its first deal in China in 1973, becoming the first to export cotton to China. Subsequently, in 1994, Louis Dreyfus established its first company in China in the Shanghai Free Trade Zone.

Later, in 1996, it established a representative office in Beijing with only seven employees. The initial business of the representative office was to assist Louis Dreyfus's grain and oil business. Later, in 2000, it expanded to cotton, sugar, and other agricultural products, further expanding Louis Dreyfus's stage in China. With China's accession to the WTO, Louis Dreyfus Beijing Trading Co., Ltd. was established in August 2005, becoming the first wholly foreign-owned enterprise (WFOE) with agricultural trade rights. Since then, Louis Dreyfus's agricultural product business has expanded to the Chinese domestic market.

Another landmark milestone was the establishment of Louis Dreyfus Bazhou Feed Protein Company - an oil pressing plant in 2007, which also promoted Louis Dreyfus's investment in China.

In 2005, when the wholly-owned company was just established, Louis Dreyfus had only 68 employees in China. By 2009, Louis Dreyfus had 348 employees from 9 different countries, from New Zealand to Finland. Chinese employees are spread across 24 provinces from Shanghai to Xinjiang. In 2008, domestic trade volume reached RMB 6 billion. Additionally, Louis Dreyfus Beijing also facilitated import and export trade of RMB 200 billion between Chinese companies and other Louis Dreyfus regions. Looking ahead, as China continues to develop, Louis Dreyfus will continue to expand its business in China.

In the summer of 2009, Louis Dreyfus will proudly record the fourth anniversary of the establishment of Louis Dreyfus Beijing wholly-owned company, and the second anniversary of the Louis Dreyfus Bazhou plant. 'From a representative office to today's fully-fledged, well-divided trading company, we have come a long way,' said Chen Tao, Chairman of Louis Dreyfus Beijing Company. 'Along this path, whether trying new trading methods or launching new businesses in China, we have achieved numerous milestone accomplishments. In Asia, especially in China, a place with infinite potential, we look forward to Louis Dreyfus's continued growth.'

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