[9 May/NZ Herald]

Chinese buyers were cancelling orders for U.S. soybeans which could deal a blow to American farmers if it continued. Farmers in China were being encouraged to plant more soy. The Chinese government included soybeans on a list of US exports it said it would impose a 25 percent tariff on. President of AgResource, Dan Basse, added the Chinese weren’t willing to buy U.S. soybeans with a 25 percent tax as they don’t want the risk. China buys most of its soybeans from South American nations such as Brazil and Argentina. Mr Basse noted it had been three weeks since China made any major soybean purchase which was an unusually long delay. Mr Basse said the U.S. could lose its reliable supplier label that it had for many years. An adjustment had already been planned to help draw down China’s substantial corn stockpiles, so the change wasn’t necessarily aimed at U.S. soy growers.