The OI continues to show the same pattern. The total remains close to unchanged and September, which is mostly outright trading, shows short covering and long liquidation. Volume shrunk greatly yesterday possibly indicating that the move higher on Wednesday was the ore holiday liquidation propelled by short covering. If funds are in a covering mode, the steadiness will continue subject to the need of longs to take profits.

Today Robusta has a narrow range, 1202/1191 in Sep, and 1199 last. Based on the closing arb of yesterday of 48.68. The range in c/lb. is 103.20/102.70 last 103.06. It isn’t much different then where we ended yesterday.

All markets have been quiet. The $Index is lower while all currencies are mixed. USDMXN is 22.412 -0.053 (-0.2359%), USDCOP is 3,646.8401 +2.84 (+0.08%) and USDBRL is 5.3301 -0.0295 (-0.5504%).

Bond futures are are slightly higher while equity indeces are lower. Crude is lower while grains are higher. Other markets are closed.


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