China may shift buying to new South American Crop

The News from China told that some Chinese soybean importer bought about 13 cargoes South American soybean. However Chinese processor still need to buy US soybean but increasing CBOT prices make them hold off. For next South American crop, the big Chinese crusher had already book more than half of South American shipment that they need (around 5 million tonnes for after April shipment). By the way the estimate of Chinese import soybean on Oct will be around 1.5 million tonnes and Sept around 2.5 million tonnes below normal demand for crushing at 3.5 million tonnes but they expect import would recover in November and December at around 4 million tonnes each.