Commercial two way activity could indicate spreads but more likely the selling is origin as the continued weakened state of the Real (4.1600) encouraged forward activity. Other buyers were swap dealers which are either institutional entities or end users. Large and small traders were also net buyers.
The days following the COT report, the market broke 98.00 on the downside which ignited good buying and sent prices as high as 102.90 but activity was mostly between 101.00 and 102.00.
So far the market is showing a familiar pattern where strength is to be sold. But, underlying strength cannot be denied. The reduction of warehouse stocks is obviously construed as bullish by some but the fact remains that global stocks are increasing. The weather is still on the watch list as MG received half its normal rain in the last month. Hopefully as trade issues get resolved the complexion of all markets will turn positive.