July 23, 2007

Chinese traders cancel 4 soy shipments

Chinese traders last week canceled up to four soy shipments booked in earlier months, according to a report by commodities analysis firm Shanghai JCI Monday (July 23).

The report said the cancelations come amid still-high Chicago Board of Trade soybean futures and low demand for soymeal in China. China is struggling with a pork shortage that has driven prices up by 30 percent. However, feed demand has not picked up despite the call to raise more pigs to meet the shortage.  

China's soy imports remained quite small last week. The country is the world's biggest soy importer and buys its soy from the US, Brazil and Argentina.