Palm | Kelapa Sawit

BEIJING, March 12 (Reuters) - China's soy buyers who have overbooked U.S. cargoes may still cancel a few more but the trend would be offset by loading delays in Brazil and possible Chinese intervention over falling pork prices, traders said on Friday.
China, the world's top soy buyer, cancelled purchases of 192,400 tonnes of U.S. soybeans in the current marketing year, sending Chicago Board of Trade prices <0#S:> down by 2.6 percent on Thursday.
Traders in China said they believed a large Chinese buyer had switched an import order from U.S. to cheaper South American soy for later shipment on expectation of better crushing margins.
China's feed demand was at a seasonal low in the first three months of this year after more livestock were slaughtered than usual for the spring festival and breeders slowed restocking due to pig diseases, causing pork prices to fall.