The market is presently on the softer side but it is quiet and it spent most of the morning either side of 119.00. Friday the market was very steady with a high of 119.80. If the buying remains of the same quality that we have been seeing, 120.00 will not be a problem. The depth of market is not a factor as the buying has begun at 8:00 and has been non stop while the selling has been sporadic. We’ll see if this same behavior continues. Stocks were down 26,572 bags over Thanksgiving which is consistent with the ongoing tightness. Based on exports it seems that the strength is consumer driven.

The $Index is higher as major currencies are mostly lower. The Yuan is lower but other BRIC currencies are higher. Some LatAm currencies are also higher but not the Real, possibly because the US has announced tariffs on steel for Argentina and Brazil. USDMXN is 19.5935 +0.0315 (+0.16%), USDCOP is unchanged at 3,515.50 and USDBRL shows a value of 4.236 -0.0004 (-0.0094%) by CNBC but the CME shows 4.2478

Markets are all quiet with bonds lower, equities higher and metals lower. Oil is up sharply after last week’s drop. Softs are around unchanged with cotton lower.