China soybean purchasing group cancels its trip to Chicago

Introduction: new page 1, Nov 18 news: Chinese soybean buyers suddenly announced on Tuesday that they would cancel their planned visit to Chicago, ostensibly due to visa reasons, but the market was worried that the cancellation of the planned visit to the United States might be related to the implementation of new import quotas for Chinese textiles by the United States According to Peter Thornton of the American Soybean Association, DBF's office in China is concerned that this may have something to do with textiles The American Soybean Association plans to host visiting Chinese delegations and arrange meetings with US agencies He said the whole Chicago event had been cancelled and further details were not clear The cancellation of DBF China's visit, aimed at strengthening business and personal exchanges between Chinese soybean buyers and U.S exporters, led to a sharp drop in soybean futures on the Chicago Board of trade Soybean futures fell to 753 cents in January, closing at 777 cents, down 3 cents from Monday's close The Bush administration has decided to impose new import quotas on Chinese textiles in order to curb the influx of Chinese products into the United States, DBF's US Commerce undersecretary grant aldonas said Tuesday He told Reuters that the delegation had problems applying for visas because it came from all over the country and was in a hurry to form a delegation DBF China, the world's No 1 soybean buyer, originally planned to arrive in Chicago on Friday for a visit, which will also add a lot of color to China's massive purchase of American soybeans in recent months, aiming to reduce China's huge trade surplus with the United States A 30 member Chinese delegation led by Liao Xiaoqi, Vice Minister of Commerce, was due to arrive in Chicago on Wednesday, industry sources said Last week, China proposed the visit to the United States, and the American Soybean Association was busy preparing for the schedule on Monday, arranging a closed door meeting between the delegation and the American grain company in a Chicago Hotel DBF grain analysts said the cancellation of the visit raised concerns about whether China would actively purchase US soybeans According to Bill Nelson, an analyst at Ag Edward, a brokerage firm, DBF said there was a concern that sales to China might decrease, so agricultural prices in CBOT fell generally on Tuesday, referring to the fall in wheat and corn prices DBF China has purchased about 7 million tons of soybeans from the United States since September 1 in 2003 / 04, up from 2.7 million tons in the same period last year Strong Chinese buying has pushed Chicago soybean futures to a six-year high in recent weeks DBF U.S Department of agriculture forecasts that China's total soybean imports in 2003 / 04 will reach 22 million tons Thornton of the American Soybean Association of DBF said one of the five groups in the Chinese delegation did not receive a visa The China Chamber of Commerce for import and export of food and animal husbandry products has informed the soybean association that its visit to the United States has been cancelled On Friday, DBF planned to invite a delegation to visit the Chicago Board of trade and sign a cooperation agreement with the American Soybean Association, followed by a seminar to inform us companies about China's food import inspection procedures Industry insiders said Chinese officials also plan to provide the us with details of regulations governing the import of genetically modified food DbF