China inked a deal to buy 1.92 MMT of US beans with 120 designated for old crop. The new crop deal is far more political than economical with a Chinese delegation in the US over the past weeks to make this deal. This is a yearly thing that means little to the actual trade. The old crop sales, combined with hefty weekly export sales points to a major upside move in beans with the SX 200-day MA acting as the key pivot point. Subscribers can see a chart on the morning wires.

This entry was posted on Thursday, July 30th, 2009 at 9:33 am and is filed under Grains. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.