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Chinese Soybean Crusher Plans to Cancel Shipments From Brazil

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March 20 (Bloomberg) -- Shandong Chenxi Group Co., a Chinese soybean crusher and trader, said it plans to cancel orders for almost 2 million metric tons of Brazilian cargoes because of shipment delays.

The company ordered about 10 cargoes of Brazilian soybeans to be delivered in February and March yet only two have arrived, Shao Guorui, general manager for oilseeds at the company in northern China’s Shandong province, said by telephone today.

Chenxi may cancel about 30 cargoes, which are scheduled to be delivered by July, he said. It may also buy soybeans from domestic ports or reorder cheaper supplies from Argentina, Shao said.

Reuters earlier reported the plans to cancel the shipments.

To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net

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