In the US, participants of the futures market are starting to warm to it, and are generally mixing up their order flows as they become better accustomed to screen trading. Today's overall estimated volume of 26,917 included nearly 10% of screen traded futures.
Technically the March contract is still entrenched in a tight 52.90 to 55.20 range, although it can be argued that it is attempting to break it's funk and move towards the upper end of this range.
Right now the confines of the AWP spread to futures as well as the New crop acreage buyout (spread to December) are keeping the contract being pulled from both directions, hence the tight range.
The chart is definitely flagging for a breakout, but it is hard to predict where the next break will come from. Momentum wise the RSI is neutral at 46.48, whilst the trend following moving averages (9 day EMA and 50 day SMA) have entirely converged.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
