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Singapore commodities companies head to South America

China-US trade tensions keep prices volatile

Volatile Soy beans market may affect Wilmar's bottom lines   © Reuters

SINGAPORE-- U.S.-China trade tensions are causing Singaporean agriculture conglomerates Olam International and Wilmar International to import from South America to avoid higher taxes.

Commodities trader Olam International, which reported its January-March earnings on Monday, said that Chinese soybean processors will import from Brazil after China threatened to impose a 25% tax on the crop in retaliation for U.S. vows to tax Chinese inbound goods.

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