Market News & Headlines >> China Oks Wheat Imports From Argentina

Chinese customs authorities have approved imports of wheat from Argentina for the first time,  Argentina’s ministry of agriculture said on Friday.

"In an important step for Argentine exports, the General Administration of Customs of the People's Republic of China (GACC) included Argentine companies authorized to export wheat in the Online Quarantine Registration System of Establishments authorized to export vegetables, animals, and their products that enter China," the ministry said in a press release.

The move comes after the two sides agreed on export protocols for products including wheat in October. Argentina's current main wheat export destination is Brazil.

China’s move potentially opens up sales to the huge Asian market and boosts competition for Chinese import demand, which has been filled mainly with imports from Australia, Canada,  the U.S. and France in recent years.

The news weighed on wheat futures prices Friday and Monday. There are no indications that any Argentine wheat has yet been sold to China.