May 25, 2004

China Soybean Processors Seek Help

China's financially strapped soybean processors are appealing to U.S. grain companies to help keep them afloat by accepting measures such as deferred payments to avoid defaults, U.S. traders told Reuters News Service last week.

It is reported that the processors, many of whom signed agreements in Chicago five months ago to buy 2.5 million metric tons of U.S. soybeans, are also telling the companies they want more say over prices since China has become the world's top soybean importer.