The Mar contract gave up 55 points today, despite considerable potential for yet another strong US export report, settling at 60.86 and finally failing to defend the 61.00 level on the close. The Mar contract pared losses modestly into the settlement period. The settlement was within the lower one quarter of the trading range. The May contract lost 56 points settling at 61.45, the net effect leaving the Mar – May spread near unchanged at (59).
For tomorrow…
The Mar contract gave up 19 points today, settling at 61.41. The settlement was within the upper one half of the trading range. The May contract lost 9 points settling at 62.01, the net effect leaving the Mar – May spread weakened at (60). Volume quickened for Mar delivery at approximately 22.3K contracts while Mar OI contracted at just below 115K contracts.
For tomorrow…
The Mar contract took it on the chin today, giving up 75 points and settling at 61.60, which caused us to miss our prediction for today – badly. The settlement was within the lower one quarter of the trading range. The May contract lost 73 points settling at 62.10, the net effect leaving the Mar – May spread weakened at (50). Volume quickened for Mar delivery at 17K contracts while Mar OI expanded at approximately 116.6K contracts.
For tomorrow…
