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central illinois | China does not buy beans. An exporter registers a sale with the USDA with a destination of China. The exporter may have sold to any of over a dozen private entities in China, to another trader who is covering a sale, to one of their other corporate divisions or to one of the state controlled companies.
So a cancellation could be as simple as Cargill deciding the economics work better to load beans from Brazil rather than the U.S. to feed their own crum sh plant in China or a more complex contract which allows for switching at a prescribed spread by a certain date. | |
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So what happens to China's contracts
