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ECOM reports firmly climbing e-market

Apr '07
The electronic market started firmly higher this morning, drawing on both yesterdays consolidation as well as a greater than expected US export sales figure. We have begun to notice a recent trend with the electronic exchange where prices are often inflated in the early morning, as overseas traders hedge export business, whilst returning to unchanged and lower once the open outcry gets going.

Today was again the case. A 50-60 higher pre session quickly turned into a 20 higher call and then unchanged soon after the opening. It seemed that the Thursday effect once again took over the market as a heavily long local community soon purged their positions.

Prices went onto the defensive, triggering fund sell stops back under 50.00 cents and soon prices went into a freefall to the 49 cent zone. New contract lows were formed across the board in another venomous session.

Once again the weight of bear spreading from May to July weighed heavily on values, with no stopper in sight the May widened out to 215 under the July. Commercial trader were decent scale down buyers, but the market closed on the lows as speculative long liquidation / new shorts continue to control proceedings. For the day May lost 101 whilst the Dec lost 84. Estimated volume was similar to yesterday at 37,742 lots.

This morning's US export sales were the marketing season high at a combined 827,700 bales. China was the buyer of a whopping 503,400 bales whilst Turkey bought 108,500 bales. As has so often been the case, the market reacted counter-intuitively, otherwise known as the “Thursday effect”.

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