READ MOREThe crushing plants that dot the banks of the Parana River, Argentina's main grains thoroughfare, are working at only about half their capacity due to fallout from the U.S.-China trade war.
The government hopes to announce the soymeal-to-China agreement at the G20 meeting in Buenos Aires later this month, the head of the local grains exporting chamber said on Tuesday.
The country's agriculture chief Luis Etchevehere is in Beijing this week, trying to settle the deal.
Argentina, long the world's top exporter of soymeal, is one of the country's damaged by the U.S.-China conflict, which has shifted global commodity trade routes and distorted prices.
Beijing has slapped a 25 percent tariff on U.S. soybean imports, effectively halting soybean shipments to China.
The resulting glut of cheap soy in the United States has lowered input costs for U.S. meal crushing factories, making them more profitable. U.S. soymeal exports have soared to a record high, topping 12 million tonnes in the most recent marketing season, according to the U.S. Department of Agriculture. ■