Friday’s activity—the warranting of 400t of DIN226 large sows at Rotterdam—comprised the only in-out movement seen last week, suggesting that the recent strong up trend, which has seen stocks rise in almost a straight line since the start of August—may be losing momentum.
It remains to be seen whether we’re just seeing a pause in the overall trend, but the suggestion of slowing momentum was also underpinned by 500t of cancellations last week, all at Genoa. These are the only significant-size cancellations seen since July and should provide some sort of one-off stimulus to “out” side activity in the coming days.
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