China Ramps Up Brazil Soybean Imports, Rebuffing U.S. Crops
China this week put in a large order of Brazilian soybeans as it increasingly turns to the South American nation to fill a supply gap after halting purchases from the U.S., according to people familiar with the situation.
Chinese companies have already bought between 25 to 30 cargoes of soy from Brazil so far this week, which is equivalent to about 1.5 million to 2 million tons, the people said, asking not to be identified as the deals are private. Buyers are looking for more Brazilian supply and still haven’t bought enough to cover their needs through October, the people said.
Via Bloomberg