The deliveries occurred at a price of about 2000 BP/tonne; Armajaro took deliveries at prices of around 2700 BP/tonne. On deliveries of about 240,000 tons, that corresponds to a loss of 168 million BP, or about $260 million.
That, boys and girls, is what they call “burying the corpse.”*
Just yet another example of how people speculating in food commodities does not mean people making massive profits from speculating in food commodities.
Futures and derivatives markets are sum zero markets. World Development Movement please take note.