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Posted by Tango
on November 23, 2018, 7:47 am
Selling hit resting bids at the bell and additional selling entered throughout the morning but finding bids lined up in March and scattered in the forwards. Robusta has been steady as it registers 39.87 indicating an outperformanc relative to KC. Spreads there are on the move again as JanMar began at -9 and is trading at -4. The dollar strength could be the reason for this morning’s weakness in coffee but both markets are now steadier with mixed currencies. Most emerging market currencies are on the weaker side but the Mex/SA ones are closer to unchanged. USDMXN is 20.3251 +.0175, USDCOP is unat 3187.25 and USDBRL is 3.8022 -.0011 (-.03%). Equities continue their slide and oil is down 2.50 @ 52.13. Bond futures have been moving higher overnight. Softs are lower including cotton which is not yet opened but indicated to open lower. We’ll see if 113.00 or so remains the base for now and what 8:00 will bring, if anything on this post holiday Friday.. For now the market is quiet but steady together with the Real.