[10 May/Bloomberg]

A Chinese food giant, Cofco International, had positioned itself to increase soybean purchases from Brazil due to trade tensions between the U.S and China. Cofco strengthened its team that bought, stored and sold farmer crops in the South American country. Brazil was the world’s largest soybean exporter. China was yet to implement planned tariffs on U.S soybean imports, however traders were already cancelling American shipments. China was the world’s biggest buyer of soybeans. Cofco’s new hires are experienced and add to a team of around 350 people in Brazil. Cofco was able to take a leading position in Brazil’s oilseed market within only a few years. Cofco was seeking the renewal of its port concessions that were expected to expire in coming years.