The Thursday export report is delayed until Friday this week as a result of East Coast winter storms, but nevertheless we expect for it to contain some vanilla sales and shipments figures, say 200,000 combined upland and Pima for each.
It is paramount for us to address the March / May spread in today's technical analysis section such was it's extreme volatility today. As can be seen this switch has traded between 140 premium to the May and down to 40 premium to the May over the past 4 months, before absolutely blowing out to 140 March premium today.
Stochastically this spread is completely overdone, but such is the timing and proximity to first notice day, this is a meaningless indicator. For now this spread will be driven by panic and fear, although we must point out that at current levels the spread is begging for a merchant to establish a bear spread and deliver Marches in light of receiving them back in May.
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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.")
