Chinese food giant Cofco is expanding its Brazilian operations. A company source told Bloomberg Cofco has hired nearly a dozen additional people to buy soybeans directly from Brazilian farmers in four major growing regions.
Cofco has more than 360 buyers in Brazil and trails only Bunge in total Brazilian ag exports.
USDA reports China is canceling U.S. soybean purchases as trade tensions escalate between the two countries. Brazilian trade officials say China had already been buying more of their soybeans, taking almost 41% of the country’s exports in 2015, 38% in 2016, and almost 54% last year.