China cancels 132,000 tons of US soybean orders, rare purchase of expensive Brazilian soybeans

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Two traders familiar with the transaction said that Chinese importers bought four to six Brazilian soybean cargoes to be shipped in October and November earlier this week, which is rare during the peak period of US soybean exports. Traders said that the purchase of expensive Brazilian soybeans highlights the concerns of global importers that the capacity of U.S. Gulf ports will continue to be limited until next month. The U.S. Department of Agriculture announced on Wednesday that two soybean export orders have been cancelled, of which 132,000 tons are from China

Article excerpted from Reuters Financial Morning Post