Reuters ahead as China, world’s top soy buyer, prepares to sell stocks

Reuters was hours ahead on July 16 with news that China would shortly announce sales of stockpiles soybeans, corn and rice, a major turning point for China’s soy market, which has been the engine for world prices this year. China is by far the world’s top buyer of soybeans and this year it has spurred imports with its state stockpiling campaign, which ended on June 30. Analysts at Barclays Capital cited the Reuters report in explaining why prices were now under pressure. The Reuters report, based on information from traders, came more than an hour ahead of the official confirmation, which was later picked up by rival news agencies.