June 11, 2019 / 3:53 PM / 2 months ago

Brazil's Abiove says traders may cut credit to farmers due to default, bankruptcies

SAO PAULO, June 11 (Reuters) - Brazil’s soy industry group Abiove said commodities traders may reduce financing to farmers by up to 50% in the new crop (2019/20) due to defaults and bankruptcy protection requests in the farm sector.

Abiove President André Nassar told reporters on Tuesday that commodities traders are taking a more cautious approach to the new season because of uncertainty stemming from freight prices in Brazil and a large soybean supply in the United States. (Reporting by Roberto Samora Writing by Ana Mano Editing by Susan Thomas)

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