Chinese Buyers Look to Cancel U.S. Soybean Orders as Processing Margins Shrink
Some Chinese soybean importers and processors are looking to cancel deals signed for U.S. cargoes for December and January shipment, after crushing margins collapsed following a steep rally in Chicago futures, three trade sources said.
This is a first sign of slowing Chinese demand after a five-month buying spree that combined with dryness in top producer Brazil to add more than quarter to benchmark Chicago futures since the crop year began on Sep. 1, and 13% this month.
China is the world's biggest soybean importer, accounting for more than 60% of shipments.
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This is a first sign of slowing Chinese demand after a five-month buying spree that combined with dryness in top producer Brazil to add more than quarter to benchmark Chicago futures since the crop year began on Sep. 1, and 13% this month.
China is the world's biggest soybean importer, accounting for more than 60% of shipments.
Click Here to read more.