China to Cancel More U.S. Soy Shipments as More Tariffs Loom
- Some 1.14 million tons are due to be shipped by end-August
- China may suffer soybean shortage in 4Q, 1Q if dispute lasts
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Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the U.S. in the year ending Aug. 31 once the extra tariff on U.S. imports takes effect from Friday.
China is the world’s top soybean buyer and has yet to take delivery of about 1.14 million metric tons of U.S. soybeans booked for the current marketing year, according to U.S. Department of Agriculture data. The USDA reported last week that China had resold some 123,000 tons of committed deliveries to Bangladesh and Iran.