Under the control of panic, the crushing enterprises in China increased their purchasing efforts. At the beginning of 2004, more than 8 million tons of soybeans in the United States were snapped up, equivalent to an average price of 4,300 yuan/ton.
But then, from April 2004, the international soybean price dropped rapidly, with a drop of nearly 50%. Domestic soybean processing has changed from the original profit to the loss of the whole industry.
Faced with such price difference, some domestic processing enterprises, especially private enterprises, have no choice but to breach the contract and give up the original purchase contract and deposit signed at a high price. The so-called "ship washing" incident.
In this regard, the measures taken by the United States include: some large international soybean suppliers sued China importers for breach of contract, and the claim amount is estimated to be as high as 6 billion yuan; International grain merchants boycotted private enterprises in China, and no longer quoted prices to other China importers except some China enterprises they participated in; These suppliers have jointly revised the text of the soybean export contract to China, and the revised contract terms are even more unfavorable to China importers. So far, the dispute has not been successful. (Myrica rubra)
The above is a repost, and the following is my personal supplement:
I remember that this "collective procurement" was organized by the Ministry of Commerce, led by a huge procurement group, with nearly 20 soybean crushing enterprises participating. Make a big publicity before going, CCTV news broadcast report! After receiving this information, CBOT's soybean price (Chicago International Soybean Futures) soared. After China people calculated the price and placed an order of 8 million tons, the price of CBOT plummeted immediately!
This acquisition has dealt a heavy blow to domestic private soybean crushing enterprises. A ship of soybeans lost hundreds of millions of yuan (a ship of soybeans is Panamanian, with a loading capacity of 50,000 tons to 80,000 tons, and a ship of soybeans lost 1 100 million yuan), which was almost wiped out and difficult to operate. According to conservative estimates, the acquisition will cause at least fifteen billion losses to the crushing industry in China! The four major international grain merchants (ABCD, in which A is ABM (Archer Daniels Midland), B is Bunge, C is Cargill and D is Louis Dreyfus) took the opportunity to acquire and participate in a number of soybean crushing enterprises in China at low prices, paving the way for international grain merchants to lay out China.
Among them, the biggest loss of domestic private crushing enterprises should be Dalian XX Group, whose Dongguan XX, Zhanjiang XX, Nanjing XX and Bazhou XX were forced to sell to international grain merchants, and the planned Sichuan XX was forced to dismount, leaving only two enterprises in Dalian barely supported and basically in a semi-production state.