Shanghai Pengxin Group Co. Ltd of China means to concentrate more on Brazilian agriculture, the South China Morning Post reports.

The Hong Kong newspaper quotes Hunan Dakang International Food & Agriculture Co. Ltd Chairman Ge Junjie, whose company belongs to Shanghai Pengxin, as saying the parent company has bought two Brazilian companies in the past year and would buy more.

Mr Ge said Shanghai Pengxin now produced annually 7 million tonnes of soybean and maize in Brazil, and that it might produce a combined 10 million tonnes next year.

“We will continue to invest in the country until we have tripled that output to 30 million tonnes,” he said.

“China increasingly relies on imports of soybean and corn to meet domestic demand,” the South China Morning Post quotes Mr Ge as saying.