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Posted by Tango
on November 20, 2020, 6:51 am, in reply to "KCh21
Always refreshing to see you in the forum. Whatever the damage is in Brazil it has not discouraged origin to hedge even with the strong Real. CME is showing a spot value of 5.2830 -.0224 -.42%. It would be nice to know why the sudden strength in the Real, possibly surrounding the municipal elections last week. Today, KC showed initial overnight strength, possibly weekend short covering at the opening, and now there is weakness. Funds will be buyers at 8:00 but the selling continues as well. The OI has been dropping indicating short covering and liquidation.
My view is that Wolthers released an objective estimate. I donít believe that itís bias as they have over and underestimated in the past. I also donít think that the stocks on hand both in Brazil and globally have been aptly addressed.