date:May 12, 2014
an imports, had suffered defaults on as many of three of its cargo shipments by Chinese buyers in late March and early April.
Another Marubeni official, who requested anonymity, said all companies operating in the Chinese grain market had faced a perfect storm, with tightening credit, sliding crushing margins and the first fall in feed demand in recent memory.
CONTRACT TERMS
Typically, commodities sellers only start shipping after buyers provide a letter of credit (LC) to guarantee payment. H