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Posted by Tango
on June 21, 2019, 7:24 am
Both markets opened strong and making their respective highs only to drift lower. The depth of market doesn't show much on either side in Sep KC but some forward bids have moved higher in proximity of current levels. Higher prices did not attract forward selling but Brazil was closed and today may be a bridge holiday into the weekend for some traders. Yesterday volume was low but outright volume in Sep accounted for 73% of that months total. The market was steady all day with one setback down to below 100.00 and with strong resistance throughout the day. For now the market is quiet with a steady tone. 8:00 should continue to bring fund buying with the usual resistance. But hopefully this morning’s strong opening cleaned out many resting offers.
The € is higher against the $ but all other major currencies and the Yuan together with the other BRIC currencies are lower. The USDMXN is 19.0412 +0.0462 (+0.24%), the USDCOP is 3,191.48 +3.48 (+0.11%) and the USDBRL was closed yesterday but the CME shows a value of 3.8150 -.0007, or unchanged.
Gold has been all over the place with a $29 range and a high of 1415.4. It is now just about unchanged as bond futures eased. Oil continues to move higher due to the continuing Iran turbulence. Grains are mostly lower while sugar and cotton are unchanged.