Thai feed makers cancel soy meal shipments
Animal feed makers in Thailand have cancelled around 50,000 tonnes of soy meal imports and delayed another 40,000 tons as global prices fall amid plentiful South American supplies.
The Philippines is seeking to defer around 40,000 tons due from Argentina in June to August, traders said.
Bumper soy crop
Traders said most cargoes being cancelled or deferred are from Argentina, the world’s biggest exporter of the feed ingredient, which is on track to produce a bumper soybean crop.
The benchmark Chicago Board of Trade soybean meal has lost around 7% since the start of April on bumper soybean output in South America.
Prospects for Argentina’s 2010/11 soy crop are improving as healthy yields in northern farming areas compensate for poorer conditions in Buenos Aires province, the Rosario grains exchange said.
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