China Buying Spree Revives Export Profits
ADM expects record U.S. exports of agricultural products in the fourth quarter
The world’s largest agricultural commodity traders are making the most money in years exporting everything from soybeans to corn and wheat from American ports, reports Bloomberg Quint.
And it’s mostly thanks to China.
The Asian nation has been on a buying spree, snapping up record amounts of American corn and holding at the start of the season the biggest soybean-import commitments for the time of year in almost three decades.
The rush to guarantee loading space -- at a time when a key Gulf Coast terminal owned by Archer-Daniels-Midland Co. is offline -- is sending export margins soaring.
With China still pledging to meet its commitments under the phase one trade deal, ADM expects record U.S. exports of agricultural products in the fourth quarter, helping boost earnings for its traditional agricultural services unit that had struggled for years.
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