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Posted by Tango
on January 14, 2020, 7:00 am
There was short covering after settlement yesterday and prices today exceeded the last sale but immediately weakened to penetrate yesterday’s low. Size bids traded yesterday as funds and others sold. Bids are again present in March as well as in the forwards, possibly representing the consumer sector. 8:00 will likely brink additional weakness from funds. Nearby spreads are soft while forwards spreads are firm due to spread buying and not forward selling.
The Real experienced a weak day yesterday. Today most currencies including the BRIC are weak except for the Yuan. USDBRL is valued at 4.1505 on the CME after closing at 4.1467. USDMXN is 18.8372 +0.0441 (+0.23%) and USDCOP is unchanged at 3266.75. The CPeso was also weak yesterday.
Bond futures are higher while equities and metals are lower. Crude is higher and cotton lower. Sugar and cocoa continue to be strong.