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Senior Advisor
ECIN
Posts: 2,106
Registered: ‎10-17-2012
0

Breaking News --

I have received two e- mails this morning that our good friends over in China have cancelled -----------------------------2 MMT of beans from Brazil !!!!!

 

That  is 33 cargoes !

 

Reason was -- Brazils SLOW shipping -- NO chit ? I would have never made the connection .

 

Any bets there have 100% coverage - and late shipment  just gave the the reason needed to back out ?

then   rebuy them this summer -- for what ?? A LOWER price ? ---  No they won't do that would they ? lol

 

Looks like this could  really screw NEW beans prices !

 

Veteran Contributor
viperkev
Posts: 86
Registered: ‎05-14-2010
0

Re: Breaking News --

It was only a matter of time before they did something like that with the crop size as big as it is. They have enough inventory to do something like that knowing that the beans will eventually get out of S.A. We knew many weeks ago that S.A. was going to produce 25% more than a year ago. Now that the midwest is getting some drought relief that is the second foot to drop on prices. The long tail might not be that long afterall.

 

 

 

Veteran Advisor
Palouser
Posts: 2,290
Registered: ‎05-13-2010
0

Re: Breaking News --

They will keep beans coming one way or another. If they have to make our CO tighter they will. If your reaction is typical it would be perfect. On the other hand there could easily be an argument this drives beans higher.

 

If you can't get them out of SA then you pay the piper competing for NA beans.

 

The question is how does that many ships affect the conveyer belt to China? They can't necessarily handle more ships/week later. Just depends.

Senior Contributor
jput
Posts: 1,108
Registered: ‎02-05-2013
0

Re: Breaking News --

Chi-coms have been playing that game here for awhile.   Cancel a few orders,  panic the CME to drive prices down,  then buy low at those prices.    Brazil's turn to be screwed.

 

 

Veteran Advisor
roarintiger1
Posts: 1,603
Registered: ‎04-29-2011
0

Re: Breaking News --

If this news is true, Beans are not quite acting like it's bearish .........at the moment.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Veteran Contributor
viperkev
Posts: 86
Registered: ‎05-14-2010
0

Re: Breaking News --

Yup sure is......up a whole penny after dropping .70 cents in 5 trading sessions.