Reuters: China confirmed the cancellation of waiting time for soybean imports
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Last Update: 2003-02-13
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Source: Internet
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Author: User
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Lead: Reuters Shanghai Feb 12 Reuters Shanghai Feb 12: China has cancelled the mandatory waiting time for the soybean import license to take effect, an official from China's quality inspection bureau said on Wednesday This move is good for Brazilian soybeans The cancellation of the waiting time indicates that in the market year beginning in March, Chinese soybean importers are now able to purchase cheaper Brazilian soybeans rather than more expensive American soybeans The official from China's quality inspection bureau said that from now on, once the soybean import license is issued, it will take effect immediately This will make the soybean trade more smooth He declined to give more details Before 6pb, when AQSIQ issued import license, Chinese soybean buyers had to wait for a month to import soybeans There have been concerns that cargo ships from the world's two largest soybean producers, the United States and Brazil, will be delayed at Chinese ports because they have to wait for the license to take effect But the AQSIQ's final move will shorten the time between the application for import permission and the ship's unloading by 30 days, which used to take two to three months Brazil's soybeans will benefit from this, and Brazil's soybeans will be listed before Argentina In terms of March shipment, the price difference between the US and Brazil is $12 per ton, so Chinese soybean importers may tend to purchase Brazilian soybeans 6pb
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