China's soybean credit crunch forced some soybean crushers to default
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Last Update: 2008-11-03
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Source: Internet
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Author: User
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Introduction: Hong Kong, May 11: as the Chinese government implemented the credit crunch policy aimed at cooling the economy, China's soybean crushers are facing another blow and may not be able to fulfill some soybean contracts In the past few months, China's soybean crushers were already suffering from low profits After this year's outbreak of avian influenza, domestic soybean meal demand has been sluggish, Some crushers have long faced financial difficulties In the past 12 months, the cost of importing soybeans has almost doubled Although China's domestic soybean stocks are increasing, due to high costs, "It's impossible to cancel the cargo at present, but some soybean contracts may default, and the same is true for soybean oil contracts," said a trader
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