© Reuters. China Buying Spree Revives Export Profits for Top Crop Traders
(Bloomberg) — The world’s largest agricultural commodity traders are making the most money in years exporting everything from soybeans to corn and wheat from American ports. And it’s mostly thanks to China.
The Asian nation has been on a buying spree, snapping up record amounts of American corn and holding at the start of the season the biggest soybean-import commitments for the time of year in almost three decades. The rush to guarantee loading space — at a time when a key Gulf Coast terminal owned by Archer-Daniels-Midland Co. is offline — is sending export margins soaring.
The fat profits are a turnaround for an industry that had got used to thin margins and lower exports due to President Donald Trump’s trade war with China, the world’s top buyer of soybeans. With China still pledging to meet its commitments under the phase one trade deal,…