Yesterday, U.S. Agriculture Department reported that China refused previously purchased batch of soybeans from the U.S. 315 thousand tons, which was to be delivered in 2012/13 MY. This refusal followed a succession of failures - 18 and December 20, 2012 China to shed 840 thousand tons of soybeans, and 120 thousand tons was refused delivery to an unknown location (probably in China).
Cancel the world's top importer of soybeans previously purchased come against a background of expectations record harvests in Brazil and Argentina - the second and third top exporter after the United States. Soybean harvest in Brazil is expected to record - 81-83 million tons, and U.S. exporters say that the supply of Brazilian soybeans will "fill in" the global market in late February and March at prices much lower than the U.S..
U.S. Soybeans delivery from Gulf Coast in February and March offered at the price of about $ 559 per ton, FOB, while Brazilian deliveries from late February to early March in the port of Paranagua were offered at a price of about $ 532 per ton, FOB, and in March - about $ 521 per ton, FOB Paranagua.
Fears that the additional amount of soy U.S. may be canceled hung in the futures market. Chinese buyers are ordered, but not yet taken delivery of more than 4.8 million tons of U.S. soybeans. Furthermore unsent unknown buyers, which, according to traders, include a significant portion of sales to China, remain above 3 million tons of beans.