Soya bean market turns focus from supply to demand

Chicago

THE first large US soya bean export sale cancellation of the season by China, coming a month earlier than last year, has sparked market concern that the recent record pace of US exports was fast drawing to a close despite still-ample supplies of the oilseed.

Cancellations occur every year as buyers scrap excess purchases or sellers switch the origin of their sales, but they usually do not occur until February or later.

The grain market's focus is increasingly turning from supplies to demand after the US Department of Agriculture's (USDA) January final crop production summary, with exports seen as a …