MARKET COMMENTARY
The market is now approaching the 3-month anniversary of its almost unrelenting sell-off, a period of time that has seen the now mostactive
March contract slide a full 4 cents, from its 1980 high on June 26 to today’s 1577 life-of-contract low, and almost 2 cents in
September alone (1776-1577). And there seems little reason to think that down-trend will abate anytime soon. Except for trading in
sharply over-sold territory, the technical picture is crippled, while the fundamental picture continues to sag under the weight of physical
surpluses (Thailand, Brazil). While the poet Robert Frost wrote that he had “miles to go before I sleep,” this market seems to have lower
to go before it stops. Have a great weekend.