The price of soybeans received another deterrent
in the past few weeks, Chinese importers were forced to re-sell around 500 thousand tons of soybeans through a significant number of not unloaded ships with imported soybeans in the country's ports. The reason for this was a significant reduction in the margin of processors and the refusal to accept the goods under previously signed contracts.
Origin and a destination of the said parties of soybeans not yet specified.
Recall that 3 years ago, China already had a similar situation due to massive defaults on contracts, traders were also forced to resell the oil in order to avoid financial losses.
Improvement of soybeans have reassured traders, but in anticipation of the USDA report data about the decrease of soybean production in the US, they are trying to earn on speculative operations.
Yesterday, soybean futures for November rose by 0.8% to 359 $/t. the Optimistic traders added good pace of soybean exports from USA, who last week made 685,7 THD. MT in the expectations of traders 550 thousand tons. However, information on the resale of Chinese importers of 520 thousand tons of soybeans through the large port stocks did not allow prices to grow.