The market suffered a third consecutive session of lower highs and lower lows, prices continuing to grind lower, July trading
(1668) to an almost 4-month low (1663 on February 19th), second-position and most-active October trading (1750) within one
tick of an almost 3-month low (1749 on March 24), some combination of commercial (July) selling and spec and jobber selling
continuing to eat through layer upon layer of scale buying. And while bulls hold out hopes for a more bullish future on concerns
over a reduced Brazilian crop (see above comments by analyst Green Pool Commodities) and the possible development of an “El
Nino” weather pattern, that is doing little for the current fundamental picture of a market dealing with physical surpluses and
spotty demand, although cash values are reported to be firming, so maybe the lower prices are finally starting to fan the embers.
Tomorrow we get the release of the CFTC Commitment of Traders report (for the week ending Tuesday, June 10), and though we
doubt that almost any number would cause a significant ripple in the market, at least it will give us something else to talk about,
at least for a little while.
The market suffered a third consecutive session of lower highs and lower lows, prices continuing to grind lower, July trading
(1668) to an almost 4-month low (1663 on February 19th), second-position and most-active October trading (1750) within one
tick of an almost 3-month low (1749 on March 24), some combination of commercial (July) selling and spec and jobber selling
continuing to eat through layer upon layer of scale buying. And while bulls hold out hopes for a more bullish future on concerns
over a reduced Brazilian crop (see above comments by analyst Green Pool Commodities) and the possible development of an “El
Nino” weather pattern, that is doing little for the current fundamental picture of a market dealing with physical surpluses and
spotty demand, although cash values are reported to be firming, so maybe the lower prices are finally starting to fan the embers.
Tomorrow we get the release of the CFTC Commitment of Traders report (for the week ending Tuesday, June 10), and though we
doubt that almost any number would cause a significant ripple in the market, at least it will give us something else to talk about,
at least for a little while.
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