China Scoops Up American Soy After Brazil’s Surprise Tax Change

(Bloomberg) — A surprise tax change in Brazil, the world’s largest soybean exporter, is prompting Chinese buyers to snatch up U.S. supplies.

Importers in China, the top commodities buyer, purchased at least 208,000 tons of soy since the change was announced last Tuesday, according to data from the U.S. Department of Agriculture. The flash sales were the first transactions of the kind since January.