Wilmar/Noble: China National Grain and Oils Information Centre (CNGOIC) highlighted that Chinese soybean buyers have cancelled 6-8 soybean cargoes since Apr for delivery in Jun-Jul and have deferred about 20 cargoes for Jul-Sept shipment, if margins remain negative in the short term….
The cancellations came as Beijing agreed to release 3m ton of state soybean reserves to some crushers who are required not to raise retail prices of soya oil to help tame food inflation. Beijing offered the soya to those crushers about 23% lower than near-mth imports. CNGOIC highlights that stocks of imported soybeans at ports stand at a high level of 6.5m ton, exceeding China's 1-mth imports of 3-5m/ton fabrication and infrastructure.
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