Charlie;
Did you see this?
AWB uses US Export Credits... USDA suspends AWB:
http://www.uswheat.org/newsRelease/doc/35AC883EC1F1469F852570BA0057DEC8?OpenDocument#
"U.S. Wheat Associates, the wheat marketing group that called for the suspension, said in a news release last week the illicit payments to Iraqi officials were not the only reason AWB should be barred from using the U.S. credit programs.
AWB sold U.S. soybeans to a private buyer in Indonesia in 2004 and registered the sale for 65 percent risk guarantee coverage under the USDA Supplier Credit Guarantee Program. The buyer defaulted and AWB asked USDA for reimbursement. After the default, USDA shut down all U.S. government export financing programs in Indonesia, making it impossible to use the program to sell U.S. wheat to that country, U.S. Wheat Associates said.
At the same time, Australia maintained its own wheat financing program and Australian Trade Minister Mark Vaile credited AWB by using the program to sell $300 million in Australian wheat to Indonesia over five years, the press release said.
"In short, AWB blew up the U.S. export credit program for Indonesia, but maintained exclusive access to their own," U.S. Wheat Associates said in the news release. "Commercial buyers today in Indonesia want consideration of U.S. export credit financing to buy U.S. wheat (and soybeans and corn) but, because of the AWB program default, USDA is unwilling to consider any new credit facilities. No program translates into less U.S. exports."
One must give the Ausies top marks for deceptive monopoly marketing innovation!
Did you see this?
AWB uses US Export Credits... USDA suspends AWB:
http://www.uswheat.org/newsRelease/doc/35AC883EC1F1469F852570BA0057DEC8?OpenDocument#
"U.S. Wheat Associates, the wheat marketing group that called for the suspension, said in a news release last week the illicit payments to Iraqi officials were not the only reason AWB should be barred from using the U.S. credit programs.
AWB sold U.S. soybeans to a private buyer in Indonesia in 2004 and registered the sale for 65 percent risk guarantee coverage under the USDA Supplier Credit Guarantee Program. The buyer defaulted and AWB asked USDA for reimbursement. After the default, USDA shut down all U.S. government export financing programs in Indonesia, making it impossible to use the program to sell U.S. wheat to that country, U.S. Wheat Associates said.
At the same time, Australia maintained its own wheat financing program and Australian Trade Minister Mark Vaile credited AWB by using the program to sell $300 million in Australian wheat to Indonesia over five years, the press release said.
"In short, AWB blew up the U.S. export credit program for Indonesia, but maintained exclusive access to their own," U.S. Wheat Associates said in the news release. "Commercial buyers today in Indonesia want consideration of U.S. export credit financing to buy U.S. wheat (and soybeans and corn) but, because of the AWB program default, USDA is unwilling to consider any new credit facilities. No program translates into less U.S. exports."
One must give the Ausies top marks for deceptive monopoly marketing innovation!
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