Mar picked up 38 points, post the dissemination of strong US export sales data accompanied by MY high shipment data that failed to meet the pace requirement to meet the USDA’s export target. The Mar contract settled at 62.01. The settlement was within the upper one half of today’s tight 93 point trading range. The May contract gained 29 points D/D, settling at 62.48, the net effect leaving the Mar – May spread near strengthened at (47).
For tomorrow…
Total net export sales of cotton against the current MY for the week ending Dec 18 were reported at 317.2K RBs, a W/W increase in excess of 200K RBs. Sales cancellations decreased to 48.4K RBs. Total export shipments were 209.8K RBs, up 20K RBs W/W but still below the weekly pace required to meet the USDA’s 10M bale export target.
Total commitments now stand at nearly 76% of the USDA’s export projection. Net sales and shipments will need to average approximately 73K RBs and 230K RBs, respectively, per week in order to meet the target.
We think that today’s sales data is supportive.
ICE front month futures began the week with a gap to the downside, but rallied nearly 240 points to a weekly high of 62.84. Mar ultimately picked up a modest 74 points W/W to settle at 61.63. Trading was a bit more volatile this week with the range expanding W/W to 238 points.
Mar corn picked up 4½ cents W/W to settle at 414¾. The weekly settlement was within the upper one quarter of last week’s 10 cent trading range. Volume slowed while OI contracted W/W.
Mar soybeans gained 15½ cents W/W to settle at 1054. The weekly settlement was near the top of the Mar contract’s 24½ cent trading range. Volume slowed while OI expanded W/W.
The CME SRW Mar wheat contract lost 21½ cents W/W to settle at 610¾. The Mar contract settled within the lower one quarter of the week’s 40¾ cent trading range.
For this week…
Mar gave back 15 points, settling at 61.63. The settlement was near the bottom of today’s extremely tight 38 point trading range. The May contract lost 5 points D/D, settling at 62.19, the net effect leaving the Mar – May spread near unchanged at (56).
For Mon…
Mar gave back 15 points, settling at 61.63. The settlement was near the bottom of today’s extremely tight 38 point trading range. The May contract lost 5 points D/D, settling at 62.19, the net effect leaving the Mar – May spread near unchanged at (56).
For Mon…
