What About Chinese Cancellations?

There’s a lot of mystery currently surrounding Chinese import demand for soybeans. We recently digested two days of “cancelations” followed by a day of purchases. The trade is a bit nervous because the cancelations are coming about a month earlier than last year. The other concern is there’s probably 2.5 to 3.5 million tons of soybeans left that need to be shipped against sales that have already been booked. With this many beans still yet to leave US ports and China already making cancelations, there’s definitely reason to be concerned. Keep in mind Chinese meal has also been falling under more heavy pressure…Stay Tuned!