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Posted by Tango
on December 3, 2019, 7:33 am
The market opened above the post close last and proceeded to rise above settlement of 122.00. The strength may be due to the COT report but this market hasn’t needed any encouragement. In fact it has defied a weak Real and a bearish production report by Rabobank. The depth of market is of course greater on the upside, especially at the even prices. Yesterday the market ploughed right through large offers. The Bloomberg Report was very interesting and, imo, is reflected in the COT. Please note that the CME is not the “world’s benchmark” of sugar as the author claims. ICE is. Forward selling was intense yesterday and front month outright volume was high.
Major currencies are mostly higher against the $. BRIC currencies are mixed with the Yuan lower. LatAm currencies are also mixed. USDMXN is 19.576 -0.0010 (-0.0051%), USDCOP is 3,504.70 +1.70 (+0.05%) and USDBRL 4.2017 -0.0213 (-0.5044%).
Equities are lower and metals higher. Bond futures are up together with oil. Grains, cocoa and sugar are higher while cotton is slightly lower.
8:00 should continue with buying as both RC and KC have abundant short positions by managed money.