December 24, 2012

China sees declining soy prices due to import cancellation

Soy prices decline as China reveals its biggest cancellation of import order since the 1990s.

Soy futures for March tumbled 2.3% back below US$14 a bushel after the USDA revealed that China had scrapped purchases of 540,000 of US soy.

The cancellation by the world's top soybean importer followed the ditching of a further 300,000 tonnes in orders earlier in the week by Chinese buyers, plus a further 120,000 tonnes scrapped by an unknown importer, which many also attribute to China.