China food giant expands in Brazil

China’s food giant Cofco International is positioning itself to increase soybean purchases from Brazil as trade tensions escalate between the U.S. and the Asian nation, according to a person with direct knowledge of the matter. Cofco has strengthened its team that buys, stores and sells farmer crops, known as origination, in the South American country, recently hiring as many as 12 people to work directly with farmers in Mato Grosso, Goias, Parana and Rio Grande do Sul states, said the person, who asked not to be named because the information isn’t public. Brazil is the world’s largest soybean exporter.