Some buyers can not pay for imports of soybean in China


In China several large importers have big problems to pay for soybeans intended for import to China. Estimation goes up to 500,000 tonnes of US and Brazilian soybean on vessels arrived or on arrival to ports for which buyers struggle pay.

More and more Chinese companies have payment propblems for shipments of souybean which they receive as they were unable to open letters of credit. Banks refuse to support them.This is not related only to agroculture imports and companies. Chines banks are more cautions.

At present there is almost 10 vessels on arrival in China or in prts with cargoes of 50,000 to 60,000 tonnes of soybeans which are not covered with L/C payments. China imports 60 percent of the soybeans traded in the world and this will influence the market for sure.