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Posted by Tango
on November 13, 2019, 7:16 am
The market opened with the steady tone that ended yesterday’s post close but it failed and eased remaining quiet but remaining steady.. The weather is best described by Rio’s pics. The main focus of the market seems to be the recent rains rather than the heat and dryness that continues. The DecMar is steady but front spreads are weakening while forward spreads are steady, reflecting that shorts still exist in Dec that for now are happy to remain with their short position by rolling it into March. The spread is thinning out however. After the DecMar, spreads are weak while more forward spreads are steady. Selling from Sep and forward continues and extending out to May22 both as outright activity and as EFP activity, likely origin. In spite of the parabolic pattern forming, the market for the moment is steady, but yesterday we saw several failed attempts to the upside. As Dec is becoming less significant, March is now more of the focus. RC is steady and possibly pulling KC higher for now. The arb is 43.64.
The $Index is higher with most currencies lower against it, including the BRIC. USDMXN is 19.3902 +0.0834 (+0.43%), USDCOP is unchanged at 3406.45 and USDBRL shows a last trade of 4.164 -0.0035 (-0.084%) at 6:20 a.m. but the CME has a value of 4.1752.
Bond futures are higher but slipping a bit. Equities are lower and metals higher. Crude is lower together with cotton and sugar and cocoa are higher.