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Posted by Tango
on June 30, 2020, 6:50 am
Buying was present in both RC and KC at the opening bell. In KC, the first few minutes of trading established the high and low so far. Prices have been mostly flat since and holding 101.00+. Some selling is present on the way up as buying exists on the way down. 8:00 brought buying yesterday and it may be the same today as the short funds may be in a reversal mode. We donít know for sure. What seems to be evident is that buying is prompted by Brazilís winter, in part, though no indication of frost has yet emerged. Yesterday, the market went straight up 6.90c from low to high with a volume of 70,380 lots. Most of this total volume was composed of spreads but much of the spread trading came about as a result of forward activity, namely selling of forwards. Spreads rallied dramatically with the exception of SepDec. Yesterdayís rally eventually encountered heavy selling, likely by longs, and the market corrected 3 cents or so. The market remains steady for now.
Both key currencies and BRIC are mixed this morning and rendering a higher $Index. USDMXN is 23.126 +0.0665 (+0.29%), USDCOP is 3,743.50 -2.92 (-0.0779%) and USDBRL is 5.4186 on the CME +.0152, .28%.
Bond futures are unchanged, equities are moderately lower, gold is slightly higher and crude lower. Grains are mostly lower. Sugar is higher while cocoa and cotton are lower. moose gif