China's main soy-bean importers in concerted action to bring prices down

Monday, April 21st 2014 - 07:25 UTC

Full article 8 comments

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. Read full article

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Anglotino
Uh-oh!

Did I just hear the arse fall out of Argentina's economy?
Apr 21st, 2014 - 10:53 am - Link - Report abuse 0
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yankeeboy
What a shame. The trucks are still lined up for miles in Rosario. I wonder what price they'll actually settle on?
Tee hee
Apr 21st, 2014 - 11:38 am - Link - Report abuse 0
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Think
Good news for Argentina....

Prices for soy are on top today... just in the middle of a bumper crop of 56 million tonnes.....
http://www.thenorthwestern.com/article/20140420/OSH03/304200059/Walt-Breitinger-Wheat-soybean-prices-jump-gold-melts-down?nclick_check=1

Soy future prices on July and November ~30% lower than today's..., a fact that will induce the Argentinean farmers to sell their crops ASAP insted of of hamstring them....

Lots of tax dollars into the Argentinean coffers in the next weeks...

Think is happy.....
Apr 21st, 2014 - 12:36 pm - Link - Report abuse 0
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Conqueror
@3 Lovely for you. And when no-one's buying at all?
Apr 21st, 2014 - 12:52 pm - Link - Report abuse 0
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yankeeboy
3. Think has no idea how commodity trading works.
Have you ever posted something truthful and correct?
Methinks not

If the sales of SOY were going so well one would think BCRA would be flush. Alas it is not.
It was never a good business plan to trade SOY for fuel.
Apr 21st, 2014 - 01:09 pm - Link - Report abuse 0
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ChrisR
So these Chin companies had a contract to buy many tonnes of soy?

But now the price has altered against them they are not honouring their contract because they will lose money and may well go out of business.

No wonder they get on so well together, the Chin and Argentina: a marriage made in hell, well BsAs for one place but it’s close to hell on Earth, isn’t it?

Anybody who ships product without a Letter Of Credit runs a real risk of getting burnt in a commodities market. Soy is not like petrol or CNG where you can just divert to another, waiting, buyer.

This IS going to be a real problem for the argie “government” but as usual the ones who will suffer will be the farmers.

The Lunatic has again shown his mastery of business, NOT.

What a plonker!
Apr 21st, 2014 - 04:27 pm - Link - Report abuse 0
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Anglotino
Is it just me or did Think miss the point about the article?
Apr 22nd, 2014 - 12:20 am - Link - Report abuse 0
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BLACK CAT
@3

The problem is they letting the shipments go before a letter of credit has been raised, the problem is getting bigger by the day with bargain basement shipments being off loaded at any port they can get to to at least cover the shipping costs..................Think about it Think

http://www.tradewindsnews.com/weekly/336226/panamaxes-in-pain-after-china-bean-imports-slow
Apr 23rd, 2014 - 10:15 am - Link - Report abuse 0
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