USDA Announces Soybean Cancellations to China

January 3, 2013 02:05 AM

Private exporters reported to USDA cancellations of export sales of 315,000 MT of soybeans to China during the 2012-13 marketing year. The marketing year for soybeans began Sept. 1.

USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 MT or more of one commodity, except 20,000 MT for soybean oil, made in one day to one destination, by 3 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.

Juli says: We aren't surprised to hear of more sales cancellations given the arrival of new-crop soybeans from Mato Grosso, Brazil. China is looking to replace more expensive soybeans it previously booked at cheaper values in Brazil.

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Spell Check

1/3/2013 04:14 AM

  Brazilian farmers sold 60% of their production when soybean prices were at their peak. When will China start canceling those orders?


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