Apples with apples, Russian 10.5 pro vs apw. there is a moisture difference and other small variations. can usually add 5usd to Russian price to account for blending or quality to make it apple for apples.
good example was in 17-18 (I think, might have been 18-19), aus drought, the entire trade assumed we had somewhere between 8-11million mt of inelastic demand into Asia and were long to the gills assuming the Asian consumer would come. they never did, they were able to take other origins and the majority of the traders in aus (gnc included) dusted 100's of millions.
again, I haven't been on here for a while and enjoy reading everyone's comments but naive to think gnc not a huge trading house with only back to back risk
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