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September 23, 2020 | Yahoo Finance

Soy Squeeze Drives Bunge to Buy Uruguayan Beans

Bunge’s Brazilian unit took unusual step of buying 90,000 MT of soybeans from Uruguay

A small soybean-producing nation is helping crop giant Bunge supply its processing plants in Brazil, where stockpiles of the oilseed are at the lowest in decades.

According to a report at Yahoo Finance, Bunge’s Brazilian unit took the unusual step of buying three cargoes of 30,000 metric tons each from Uruguay in the past few weeks, according to people with knowledge of the matter.

Brazil is the world’s biggest producer of soybeans, but its processing industry has accelerated imports in the past few months after strong exports eroded stockpiles.

Imports through August quadrupled from the same period last year to 477,372 tons, Economy Ministry data show.

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