By Tatiana Freitas, Fabiana Batista and Gerson Freitas Jr. An eight-day-old strike by Brazilian truck drivers is beginning to affect global commodity markets as soybean traders delay shipments and the country’s vast sugar industry shuts down more of its processing plants. While many blockades have been lifted and the government has signed decrees aimed at getting the truckers back to work, the protests continued on Monday, and many of Brazil’s businesses and public schools remained shut. Chinese food giant Cofco International temporarily suspended soybean shipments from Santos, Brazil’s largest port, because of a shortage of cargoes for export, according to people with direct knowledge of the matter. The company doesn’t have enough of the oilseed to fill a vessel expected to dock on Monday, said one of the people, who asked not to identified because the information hasn’t been published. A Cofco spokesman declined to comment on the disruption. Brazil is the world’s largest soybean exporter and its supplies have assumed an even greater importance in recent weeks after China, the biggest buyer, threatened to impose tariffs on supplies from the U.S., the second-largest shipper. Delays to Brazilian exports may encourage Chinese importers to take more U.S. beans. Other soy… Read full this story
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