A Reuters report revealed today that after Chinese importers had cancelled 600,000 tons of soybean shipments, an executive of a major company is trying to sell soybeans planted in Brazil to some US-based players. The soybeans were purchased previously and just would leave Brazilian ports in April and May.
Analysts say that there is nota big rush for China to receive soybeans because the domestic demand from the country is lower due to epidemic bird flu cases. The demand for soybean have decreased from 20 to 30 percent. “There is not another visible reason. The volumes negotiated really have diminished”, a broker from the state of Paraná told Reuters.
(Source – http://www.blackseagrain.net/novosti/chinese-firm-buys-soybeans-planted-in-brazil-and-intends-to-export-to-us)