World’s Top Crop Trader Says Chinese Buying Has More to Go
- Crop prices aren’t yet high enough to curb demand: Cargill CEO
- Cargill says trading is back to roughly 30% to 40% of earnings
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The world’s largest agricultural commodities trader says China’s record buying spree isn’t over.
Purchases by the Asian nation have “at least another couple of quarters to go” before the top soybean and corn importer has enough supplies, said Cargill Inc.’s Chief Executive Officer Dave MacLennan. Crop prices, which have rallied more than 50% since a low in August, need to rise further to curb consumption, he said.