China’s Boost to Argentine Soy Buying Sidelines US Farmers

China ramped up buying of soybeans from Argentina this week after the South American country abruptly suspended export taxes, sidelining US farmers who usually dominate the trade at this point of the year.

Importers in China have expanded purchases to at least 35 cargoes, up from an earlier tally of 20 shipments, according to people familiar with the matter, who asked not to be identified as they’re not authorized to speak to the media. Most of the soybeans are slated to be loaded in November, they added.