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Posted by Tango
on August 22, 2019, 7:15 am
Selling came in at the bell and the market proceeded lower to linger at the lows. Robusta is flat and lifeless. Yesterday the market was steady for most of the day but was an opportunity to sell based on today’s weakness. We don’t know who the buyer was/were and we’ll see at 8:00 if it’s a repeat performance. Funds may very well still be sellers. Commercials and other longs were likely yesterday’s sellers as well. The depth of market favors the buy side but bids are mostly scattered both in Dec and in the forwards. Spreads were unchanged with the exception of the DecMar.
The Yuan is again weak and down against the $ which is mixed against the major currencies as well as the BRIC. USDMXN is 19.7459 +0.0584 (+0.30%), USDCOP is unchanged at 3,384.3799 and USDBRL which closed at 4.0260 is showing a value of 4.0395 on the CME.
Bond futures are lower, both metals and equities are lower, crude is higher and cocoa is higher, sugar unchanged and cotton lower.
The market is generally without any substantive direction. Rallies continue to be met with long liquidation.