Buying at the opening did not provide any follow-through leaving the market quiet and in a half a cent range. The depth of market is balanced with scattered scale down bids in the forwards. Yesterday the market again showed strength and, equally, resistance. The Real remained weak possibly propelled by the Amazon fires. We don’t know who the buyers are but the sellers are longs, mostly commercial, as well as forward sellers which were plentiful yesterday. The Dec volume was 65% outright and the roll is over. So we should get a clearer picture from the OI although EFPs were high as well. It is Friday and we will see if 8:00 will bring more of the same and/or a squaring off of positions for the weekend.

The $ is very strong against all the major currencies. The Yuan is slightly higher but the remaining BRIC countries are mixed. USDMXN is 19.8053 -0.0123 (-0.0621%), USDCOP is unchanged at 3387.98 and USDBRL closed at 4.0704 is indicated at 4.0777 on the CME.

Bond futures have been weak while equities are higher for now. Metals are mostly lower and crude slightly lower. Sugar and cocoa are unchanged while cotton is higher.

The market remains lifeless, RC more so, but there is a steady tone to it. Still, the resistance is great and origin selling is likely a given considering the weak Real.