The price of soybeans and manufactured products in China is weakening. It is rumored that the buyer cancels the soybeans shipment

Lead: soybean and manufactured goods futures on China's Dalian Commodity Exchange fell sharply on Monday morning as a rebound in the US dollar worried traders that speculative funds might withdraw from the commodity futures market Just before Friday's pullback, commodity funds and speculators made a lot of money, pushing soybean and manufactured goods futures on the Chicago Board of trade (CBOT) and daimercantile exchange up sharply to a new high in months As of 5:00 GMT on Monday, some of the soybean meal contracts in Dashang had declined by 112 yuan / ton (US $13.6), while the CBOT contract fell 4 cents in May, at US $6.44/bushel An official at a Chinese oil plant said he speculated that the reason for the fund's short selling was the strong dollar Funds are long because the dollar is weak Buying commodity futures is a good hedge when the dollar is weak In early Monday morning's Asian session, the dollar's exchange rate against the euro rose to its highest level since March 8 on expectations that the U.S government might take a more positive approach to interest rates this week On Friday, China's soybean and manufactured goods futures have come out of the correction because of concerns that the central government may raise interest rates, which led to a sharp fall in CBOT soybean and manufactured goods futures later in the day Traders said there were also rumors that Chinese crushers were eager to deliver soybean meal, while speculators tried to avoid spot delivery It is rumored that Chinese buyers cancel the import contract in the soybean spot market Traders say the sharp drop in soybean meal price has caused the rumor of the cancellation of imported soybean Due to the sharp rise of CBOT soybean futures and high ship freight rate, the cost of imported soybeans has greatly increased, so many oil companies are not sure whether they can maintain the processing profit In just two days, soybean meal prices in the spot market fell by as much as 100-150 yuan / ton (US $12-18), reminiscent of last year's crisis, when oil companies had no money to pay for high-priced South American soybean shipments ordered in advance According to a trader in Shanghai, there are rumors that the buyer has cancelled a shipment of soybeans, but it hasn't been confirmed yet When asked about the rumor about the cancellation of the cargo, an official of an oil factory said that it may be true, but he did not think it was a failure to fulfill the responsibility He guessed that it was just washing the ship, that is, selling the goods back to the supplier at a certain price Another trader once heard that the buyer had changed the delivery place of several previously ordered soybean ships from South America to the Pacific Northwest port of the United States, which arrived in early April, just before a large number of South American ships arrived at Chinese ports this season Soybean meal demand is OK, said a trader in Shanghai, but most feed manufacturers are bearish on the market, they just buy it as soon as they need it Traders say they don't think China will be interested in ordering more South American soybeans, but they estimate that Chinese buyers only buy about half of the soybeans they need in May.