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Singapore commodity groups reap gains from trade war

Wilmar and Olam worry about long-term negative side effects

Soybean prices dropped earlier this year as China slapped retaliatory tariffs on U.S. supplies.   © Reuters

SINGAPORE -- The U.S.-China trade war is boosting Singaporean companies that deal in agricultural commodities, but their own executives are wary of the longer-term impact of the dispute.

Wilmar International reaped the benefits of lower soybean prices in the April-June quarter. The company announced on Aug. 13 that its net profit for the term soared more than fivefold on the year, to $316 million. Its oilseeds and grains segment, which includes soybean processing, logged a 381% increase in pretax profit.

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