June 10 (Reuters) - COFCO International recorded 2024 revenue of $38.5 billion, down from $50.1 billion in the previous year, while its sales volumes to third parties dropped to 108.4 million metric tons from 121.7 million, the agricultural commodity merchant said.
The company did not detail reasons for the lower sales, which it indicated in an annual sustainability report published late on Monday. Prices for staple crops like corn, wheat and soybeans fell during 2024 to their lowest since 2020.
Geneva-based COFCO International, which is controlled by Chinese state-owned food group COFCO, said in its sustainability review that 99% of its soy sourced in Brazil last year was verified as being from deforestation and conversion-free $(DCF)$ land.
The firm has a target for removing deforestation-linked corn and soybean crops from its South American supply chain by 2025.
(Reporting by Gus Trompiz, Editing by Louise Heavens)
((gus.trompiz@reuters.com))
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