Miller Magazine Issue 109 / January 2019

36 NEWS MILLER / JANUARY 2019 COFCO joins initiative to modernize global agricultural commodity trade operations “We are pleased to join this initiative as a foun- ding member,” said Johnny Chi, Chairman and CEO of COFCO International. “Emerging technologies like blockchain give us the opportunity to create a trans- parent, secure and efficient platform and transform global agricultural trade operations. Our shared vision is to develop a new standard available to everyone, bringing industry-wide benefits.” With 12,000 people in 35 countries, COFCO International is the overseas agriculture business platform for COFCO Corporation, China’s largest food and agriculture company. Announced in October, the partnership is initially fo- cused on developing technologies to automate grain and oilseed post-trade execution processes, significant- ly reducing costs and resources needed to move docu- ments around the globe. Longer term, the initiative will drive greater security, reliability, efficiency and trans- parency by digitizing manual, paper-based processes tied to contracts, invoices and payments, with a more modern, digitally based approach. The companies are actively engaging industry sta- keholders around the world, with a focus on global access and adoption. This includes the participation of businesses of all sizes to gather the input and col- laboration necessary to design a solution that incre- ases competitiveness, reduces barriers to entry and provides value to the entire industry. With a focus on making functionality available as early as possib- le, immediate next steps include identifying suitable technology solutions and engaging partners that can deliver the efficiencies of automated grain and oilseed trade execution. COFCO International is partnering with Arc- her Daniels Midland Company (ADM), Bun- ge, Cargill Incorporated, and Louis Dreyfus Company (LDC) to standardize and digiti- ze global agricultural shipping transactions. Together, the companies are looking to inc- rease transparency and efficiency for custo- mers through digital technologies, such as blockchain and artificial intelligence. Technology boosts China’s grain production in past 40 years China’s grain production has increased from 135 ki- lograms per mu in 1978 to 367 kilograms recorded in 2017, boosted by indigenous innovation in agricultu- re, according to the Chinese Academy of Agriculture Sciences (CAAS). China has cultivated a batch of good germplasm resources and genomes and completed the genetic mapping and sequencing of major types of farm produce such as rice, wheat and corn, Zhang Hecheng with the CAAS told a meeting marking the 40th anni- versary of China’s reform and opening up. The country also completed the genetic sequencing of key animals including pigs, cattle and sheep, Zhang said. He un- derlined the country’s breakthroughs in the cultivation of hybrid rice, and prevention and control of animal and plant epidemics, as well as pest control technology. Zhang also called for consistent effort to boost innova- tion and develop green and smart agriculture. 2018/19 season wheat production is forecast at 129.0 million tons, down by 770,000 tons from last season on policy-driven declines in harvested area. And 2018/19 season wheat imports are forecast at 4.0 mil- lion tons. Xinhua