China cancelled 400,000 metric tons of soybeans from the U.S. and 500,000 tons from South America, mainly Brazil, in the two weeks to March 6th and according to Oil World the world’s top soybean buyer will likely postpone several other cargoes because of large stocks at the country’s ports. China has increased soybean purchases from the U.S. because of fears of shipment delays from South America after the backlogs experienced last year, however Brazil has taken measures to speed up loading and increase efficiency, and the county’s exports have exceeded shipment expectations. China’s total soybean imports for the first quarter of 2014 were 16.2 million tons – 41% higher than a year earlier and 8% lower than the previous quarter. China’s soybean imports may reach a record 70.5 million tons in the 2013/14 season that end September 30th with 77% of the increase in demand already occurring in the first half of the marketing year. At the end of March China’s stockpile of imported soybeans will be 3.5 million tons higher than at the same time last year.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free bi-weekly enhanced eNews service