(Aug 15): In a world where many global trading houses have taken a hit from the US-China trade war, a giant food trader in Singapore says the spat has been a boon for them – at least in grains.
While Olam International, one of the world’s biggest agricultural traders, said Wednesday that net profit tumbled 35% in the second quarter on exceptional losses and shrinking revenues from edible nuts and confectionery, sales volumes in the first half jumped 40%, largely due to growth in grains trading. The trade war opened up opportunities to sell Brazilian soybeans to China, the chief operating officer said.
