China may cancel soybean imports

Chinese soybean importers may cancel some shipments due to the fall in soymeal prices and poor crushing margins, an official with state grain trader Cofco Ltd said. China is the world leader in soybean imports, so any sign that they maybe cutting imports could put pressure on global prices. US soybean futures for May delivery fell 1.5 percent to US$13.72 (€9.47) a bushel in mid morning trading on the Chicago Board of Trade.

Soybean imports from April to September, the second half of the marketing year for the crop, are expected to fall from the previous year, despite imports in October-March being up about 20 percent from a year earlier, Cofco's manager for oils and oilseeds information, Liu Ni, said at the China International Edible Oils & Oilseeds Conference. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine and International Milling Directory from Perendale Publishers