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Posted by Tango
on November 26, 2018, 6:59 am
Buying was present at the opening and both KC and RC have been steady since, and both markets are encountering resistance. The RC arb is 37.65 and JanMar spread is -2 bid after closing at -6. The KC depth of market shows the type of bids that we are familiar with, crowded and populated, beginning at today’s lows. Scattered bids are present in the more forward months and scattered offers are present in March. Spreads in KC continue to be on the defensive. The $ is weak today against most major currencies and mixed against emerging markets. The Mex/SA currencies are all slightly lower against the $. USDMXN is 20.4331 +.0331, the USDCOP is 3227.50 +1.75 and the USDBRL is 3.8378 +.0098 (+.26%). Although bond futures are soft, equities, oil and metals are all higher. Sugar and cotton are higher while cocoa is unchanged.
8:00 continues to be a random event but for now the market is steady, with good support below, after absorbing steady selling last week.