You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Grain shipments stalled in credit drought [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
MadrasT Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-08-08 07:30 PM
Original message
Grain shipments stalled in credit drought
Advertisements [?]
Grain shipments stalled in credit drought

John Greenwood, Financial Post Published: Tuesday, October 07, 2008

The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses.

Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said.

"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."

Continues at link...
Printer Friendly | Permalink |  | Top
  -Grain shipments stalled in credit drought MadrasT  Oct-08-08 07:30 PM   #0 
  - so fuck all to actually *feeding* people....  villager   Oct-08-08 07:32 PM   #1 
  - Aw fuck.  evlbstrd   Oct-08-08 07:32 PM   #2 
  - Are the Captains of Industry still happy with Republican policies?  tblue   Oct-08-08 07:33 PM   #3 
  - Uh. Oh.  kestrel91316   Oct-08-08 07:40 PM   #4 
  - so should we run to the food store tomorrow  northernlights   Oct-08-08 08:36 PM   #5 
  - Don't worry. FEMA will feed you. n/t  Alpharetta   Oct-08-08 08:42 PM   #6 
     - I'll take that to mean its time for a midnight run  northernlights   Oct-08-08 09:02 PM   #7 
  - as soon as the banks decide who stays and who goes  madrchsod   Oct-08-08 09:18 PM   #8 
  - International shipping relies on "letters of credit"  HamdenRice   Oct-09-08 08:17 AM   #9 

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC