Why did China Buy beans 100mmt end of last week and now looking to sell 500mmt this week. The 500mmt sale had been rumored for a couple weeks. Anyone have and explanation?
look at the price though that they are offering at....well above mkt price, so while they are offering, I doubt that sale goes through unless we start getting a decent rise in the bean complex.
last week there was a very senior government official who was long and he needed the market to go up. this week there's an even more senior government official who was short and he needed the market to go down.
China's government is a bunch of crooks plain and simple. Dont think for a minute that while they were buying beans earlier in the year they weren't already long futures against it. China is as much of a speculator as anybody else.