Chinese Importers Scoop Up Brazilian Soybeans
U.S. trade uncertainty has them rushing to lock in supplies
Chinese buyers scooped up at least 20 cargoes of Brazilian soybeans last week due to uncertainty over a trade deal with the United States that sent them rushing to lock in supplies, traders said on Monday.
Reuters reports importers also jumped on the new crop Brazilian beans because of attractive margins, said two traders who declined to be identified.
The purchases were for delivery when the new harvest hits the market early next year, they said. Some U.S. and Argentinian cargoes were also booked last week, one of the traders said, with total purchases of about 30 cargoes.