U.S. to fill Brazilian bean orders?
Shandong-based Sunrise Group, China's leading importer of soybeans, will cancel an order to purchase about 2 million metric tons of Brazilian soybeans from Japan's Marubeni (8002.TO), as shipments have been delayed due to port congestion in the South American nation, a Sunrise executive said Wednesday.
Sunrise Group will continue to buy soybeans form Argentina and Brazil to meet its needs but may choose another exporter, Shao Guorui, general manager of its soybean trading unit, told Dow Jones Newswires.
Mr. Shao said the canceled contracts include more than 20 cargoes and were scheduled to be shipped between April and August.
The company will negotiate with Marubeni on losses due to the cancellations and may share them with Marubeni as the two companies have long-term business relations, he said.
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(END) Dow Jones NewswiresMarch 19, 2013 23:23 ET (03:23 GMT)
DJ China Sunrise Group to Cancel 2 Mln Tons Brazilian Soybeans Order-Executive->copyright