China Buys Up U.S. Corn, Soybeans as Ukraine War Roils Trade
- Buyers booked 20 cargoes of U.S. soybeans, 10 cargoes of corn
- Buying spree also reflects worries about South American output
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China is scooping up U.S. corn and soybeans as part of efforts to mitigate the risks to commodity supplies from Russia’s war in Ukraine and slower harvests in South America.
Chinese buyers recently booked about 20 cargoes of American soybeans and about 10 shipments of corn, according to traders who asked not to be identified as they aren’t authorized to speak publicly. The buying spree reflects robust demand in the top importer as worries over supplies grow following Russia’s invasion of Ukraine and weaker-than-expected supply from Brazil, the world’s biggest soybean producer.