The July contract surged late today and ahead of this week’s belated export report, gaining 128 and settling at 64.33. The settlement was within the upper one quarter of today’s trading range. Dec gained 103 points, settling at 65.06, the net effect leaving the July – Dec spread strengthened at (73).
For tomorrow…
The July contract gave up 26 points today, settling at 63.05. The settlement was again very near the bottom of today’s trading range. Dec lost 5 points, settling at 64.03, the net effect leaving the July – Dec spread near unchanged at (98). A gap remains above the market on the front month continuation chart at 77.80 – 78.00.
For tomorrow…
