Chinese soybean importers and processors are planning to cancel deals signed for US cargoes for December and January shipment, Reuters reported, citing its trade sources. They explained the decision, pointing to the crushing margins collapse following a steep rally in Chicago futures. “Small private soybean importers are trying to wash out December and January US soybean shipments as crush margins have turned negative,” said one trader at a leading soybean processor in China. “This is for those importers who bought cargoes but did not [set the] price in the futures market.” Soybeans are crushed for oil, used mainly in cooking, and soym
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