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Posted by Tango
on May 20, 2020, 7:07 am
The market opened lower and worked its way down to below 106.00 where it met expected support. Forward bids are present and pyramid as prices ease. This level has repeatedly proven to be one of support and a pivot point. With volume so light, below 25k yesterday, the market can easily be moved until it finds either resistance or support. In the same vein, any strength is met with avalanche type selling making the market difficult to recover. For now prices are holding and waiting for 8:00. The weather reports that I read indicate cold fronts arriving but bringing rain with no threats of crop damage.
The $Index is unchanged but looks weak. Key currencies and BRIC currencies are mixed. USDMXN is 23.4174 -0.2636 (-1.1131%), USDCOP is unchanged at 3832.00 and USDBRL on the CME is 5.7198 -.0351 from yesterday’s spot close and -.61%.
Bond futures are higher and flat. Equities are higher as are metals and crude. Grains are mixed while sugar and July cotton are higher and cocoa is lower.