Call Me An Old Cynic But...
This Chinese business that sent the market crashing 44 cents on beans and $17 on meal (or thereabouts) last night. Offering half a million tonnes for sale at prices equivalent to $15/bushel is hardly going to start a stampede is it?
Old cynics would say it's a blatant and not tremendously difficult to spot attempt to get the US market down to buy some more, and get rid of these disgusting dollar things that they don't want to boot.
Old crop US stocks are still very tight, and the recent wet weather is likely to delay the harvest a bit more for what was already a late-planted crop.
South America seem to have shipped most of theirs already. China are still buying, weekly export sales from the US this week included 111,200 MT of old crop, as well as more than half a million of new crop.
It's hardly one for Miss Marple is it?
Old cynics would say it's a blatant and not tremendously difficult to spot attempt to get the US market down to buy some more, and get rid of these disgusting dollar things that they don't want to boot.
Old crop US stocks are still very tight, and the recent wet weather is likely to delay the harvest a bit more for what was already a late-planted crop.
South America seem to have shipped most of theirs already. China are still buying, weekly export sales from the US this week included 111,200 MT of old crop, as well as more than half a million of new crop.
It's hardly one for Miss Marple is it?