China Cancels Wait On Soybean Imports
China has abolished a mandatory waiting period for the use of soy import permits, a quarantine bureau official told Reuters News Service. The move is seen as benefitting Brazilian soybean shipments most.
The cancellation means China's soy importers can now buy cheaper beans from Brazil once its marketing season begins in March instead of having to buy more expensive U.S. beans.
"From now on, import permits for soybeans can be used with immediate effect once they're issued," the quarantine bureau official said. "This is to allow trade to function more smoothly." He declined to elaborate.
Previously, Chinese soybean buyers had to wait a month before they could use import permits received from the State General Administration for Quality Supervision and Inspection Bureau.
There were market worries that unloading of soybeans from the U.S. and Brazil would be delayed at Chinese ports as importers would have to wait for the permits to become valid.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com.