Marubeni, the Japanese trading house, has bet more than $5bn that China will become a net importer of corn for years to come, in the process reshaping the global market for agricultural commodities markets.
The Tokyo-based trading house announced yesterday that it had bought US grain trader Gavilon for $3.6bn. Including debt, the deal values the trader, which was owned by top US hedge funds and private equity funds, at roughly $5.3bn.
The food commodities market is already abuzz about a “game changer” as Beijing emerged this year as a large importer of corn. The last time China become a large importer of a food commodity – soyabean in 1995 – it triggered a sustained increase in prices and brought large areas of land into farming in Brazil.
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