A Chinese soybean delegation scheduled to visit the United States this week is expected to sign contracts to buy about 1.5 million metric tons of soybeans, a senior crusher official told Reuters News Service on Friday.
The visit was abruptly cancelled last month after the Bush administration slapped import quotas on some Chinese textile products.
"We are going to buy 600,000-700,000 tons," said a manager at Dalian Huanong Oils Co. "The amount is about half of the total intended amount" of about 1.5 million tons, he told Reuters.
He declined to elaborate on the price and shipment, but said more than 10 domestic crushers would join the shopping team scheduled to visit Chicago Dec. 16-18.
Editors note: Richard Brock, The Corn and 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.