Default of Argentina’s biggest soy trader sows fear among farmers – The National

Default of Argentina’s biggest soy trader sows fear among farmers – The National

Default of Argentina's biggest soy trader sows fear among farmers. In mid-August, Argentina's farmers, en masse, ran out of patience.. One after another, the farmers called their grains brokers to lock in prices on the soybean cargoes they had already turned over and collect the proceeds.. On February 10, Vicentin SAIC, a 91-year-old firm specialising in exporting soy meal and oil, filed for bankruptcy, saying it could not meet a $350 million (Dh1.28 billion) payment owed to suppliers and that it would seek to restructure $1bn in debt.. "The whole industry needs Vicentin to stay in business," said Mariano Grynblat, a farmer and broker who's trying to recoup $3.2m of his clients' money and his own.. It left the company financially exposed when the boom went bust, as it always seems to do in Argentina.. The bank will co-operate with the probe, Mr Resumil said.. The company declined to comment specifically on the contracts' pricing horizons.. But with Mr Fernandez in power, the bank is taking a much harder line.. Mr Resumil said the bank is working to recover its loans fully, not to seize assets, and is considering allowing more time for repayment, up to 10 years.. Vicentin's reach