COFCO makes painful cuts in bid to lead food trade

Beijing

CHINA'S COFCO International is in the throes of a staffing upheaval as the group pursues its professed ambition of sitting at the top table of global agricultural traders.

But doubts persist among some in the industry over whether the trading firm will really challenge the existing four dominant players in grains, oilseeds and sugar. In the end, they suspect, it may prioritise securing strategic food supplies for China over commercial aims in an era of rising trade tensions.

State-owned conglomerate China National Cereals, Oils and Foodstuffs Corp began building its foreign commodities operations…