Commodities
China Made Enormous Purchase of US Soy This Week, Cargill Says
- China bulks up beyond market expectations, head trader says
- Renewed China appetite comes as prices for oilseed rise
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Cargill Inc., the world’s biggest crop trader, said China just made an enormous purchase of US soybeans that underscores bullish momentum in the global oilseed market.
The Asian nation rushed to secure more than 3 million metric tons of US soy on Tuesday and Wednesday, according to Alex Sanfeliu, Cargill’s head of world trading. That signals a much bigger appetite for the commodity than previously expected and comes at a time when plantings in Brazil, the top supplier, are being threatened by adverse weather.