February is typically the time of year when the pace of U.S soybean exports begins to slow with the South American crop becoming available. Midwest Market Solutions President Brian Hoops says cancellations have happened. “China probably canceled some soybean purchases, which is typically the start of their migration to South America’s cheaper crop.” China has a lot of unshipped grain on the books. “The product that hasn’t been shipped is all subject to cancelations. Even with cuts to Argentina’s production, there’s still over 750 million bushels of soybeans of South American crop that needs to find a home and I wouldn’t be surprised to see more cancelations through February.”
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