Bunge, the world’s largest oilseed processor, has agreed to buy Corn Products International, a producer of high-fructose corn syrup and food additives, for $4.4bn, as the boom in commodity prices prompts US agribusinesses to seek increased global scale.

The acquisition shows how the fast-growing agricultural sector has given companies in the industry increased purchasing power and has driven them to look for ways to expand their share of global markets.