Chinese import business, or the lack thereof, remains a driving factor in current world commodity price discovery. Chinese demand has been mixed all marketing year, which is causing wide price swings in the futures market. When China buys, U.S. futures prices rally. But as soon as China pulls back, futures retreat. This actually started at the end of the last marketing year and has carried over into the current one. 

Last spring and summer, China was an active buyer of U.S....