UPDATE 1-Marubeni sold soy cargo defaulted on by China buyer - sources
(Adds comments from U.S. grains exporters, Argentina source)
By Naveen Thukral and James Topham
SINGAPORE/TOKYO, April 11 (Reuters) - At least one soybean cargo defaulted on by Chinese importers was sold by Japan's Marubeni Corp, three sources said, as slowing demand and tightening credit in the world's top soybean importer hits oilseed trade.
Marubeni is one of the biggest soybean exporters to China, shipping 15 million to 16 million tonnes a year along with Gavilon, which it bought last year, or about a quarter of the country's annual imports of 60 million tonnes.
But Chinese importers have recently defaulted on at least 500,000 tonnes of U.S. and Brazil soybean cargoes worth around $300 million, the biggest in a decade, as buyers struggle to get credit amid losses in processing beans.
One Tokyo-based source with direct knowledge of the situation said Marubeni incurred a loss of $4 million on four or five soybean cargoes on which Chinese buyers defaulted as they could not get letters of credit. The source did not know, however, when the defaults took place.
A Marubeni spokeswoman in Tokyo declined to comment when asked about whether Chinese buyers had defaulted on any of their cargoes.
One soybean trader in Beijing said Marubeni had supplied cargoes that were defaulted on in China, while an oilseed trade source in Singapore said at least one of the cargoes had been sold by Marubeni.
"One cargo which was defaulted on last week is still in (transit)," the Singapore-based source said. Continuación...