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Re: AND THE MARKET HAS WOKEN UP!!! - E O MERCADO ACORDOU
Thanks Tango. What I meant is in past years where high stocks have negated the bull's arguments the red flag was exports remaining abnormally high during the seasonal low shipment period of June-august (and in 2014 during a poor crop exports kept chugging well after dec-jan-feb proving that prior year production and hence stocks were bigger than the market priced). Only time will tell this year but personally I think we need to see that last year's crop was well over 72mm bags and the BRL remain this weak to be bearish at this price level.