China is stepping up its soybean buying in Brazil as growers in Argentina continue to hoard and the Asian nation avoids American oilseed after an escalation in trade tensions between Washington and Beijing, reports Bloomberg.
Private and state-owned companies bought 25 to 30 cargoes of soy from Brazil this week through Thursday, according to people familiar with the matter, who asked not to be identified because the deals are private. That’s equivalent to about 1.5 million to 2 million metric tons and is helping push up the premiums buyers need to pay for soy at Brazilian ports.
