No Chinese bears in hibernation

摘要

Recent world corn and sbm price volatility has many Asian livestock feed buyers wondering what sort of fundamental catalyst might cause prices to move lower (or higher) in the coming months given what appears to be extensive speculative money in the markets at the current time. While the global supply of feed grains and oilseeds would seem to be more than adequate, thus leaving markets open to some downward correction in prices, we do not believe there is anything in China that can be construed as fundamentally bearish at this time.