COFCO on the hunt for M

China's largest food trader is on the hunt for international merger partners and acquisition targets, amid a massive surplus in domestic grain stocks.

Yu Xubo, president of China National Cereals, Oils and Foodstuffs Corp, commonly referred to as COFCO, said the company will concentrate on firms that can help solve food shortages at home, and allow the company to develop a global supply chain.

Oilseed, such as soybean and rapeseed, and animal feeds will be its major focus, he said, as China's grain inventory is already at historic highs, including an estimated 250 million metric tons of corn after 12 consecutive years of increased production.