Thai feed makers cancel, delay soymeal shipments on lower prices

SINGAPORE: Animal feed makers in Thailand have cancelled around 50,000 tonnes of soymeal imports and delayed another 40,000 tonnes as global prices fall amid plentiful South American supplies, traders said on Wednesday.

"They had overbought soymeal in forward deals and now that there is plenty of meal lying around, buyers are looking to postpone and even cancel shipments," said one Singapore-based feed grains trader.

"We expect more buyers to renegotiate and delay shipments."

The Philippines is seeking to defer around 40,000 tonnes due from Argentina in June to August, another trader said.