Brazilian soy crushing association Abiove said on Tuesday the nation would export 43 million tons of soybeans from this season's nearly harvested crop, down from its forecast of 44 million tons a month earlier due to weaker Chinese demand.
Chinese buyers may default on a further 1.2 million tons of soybeans worth about 900 million dollars being shipped from the United States and South America, to avoid incurring huge losses in a depressed local market, the country’s top soy buyer said.