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ECOM reports firmly climbing e-market
20 Apr '07
3 min read
Export sales continue to lag at just 273,000 combined. At present rate the US will be unable to physically shift it's commitments and we can see a lot of rollover sales come the end of July. For the record the US has now sold 11.96 million stat bales with only 6.43 million having shipped. The US will need to ship an average of 415,833 bales per week to meet the USDA's revised export target of 13.5 million.
Back to the drawing board for the May contract, which looks incredibly weak going into notice period. New contract lows, an outside day reversal and not much positive to say about the situation. Based on previous non stopped deliveries, we can target 48.00 as a common delivery price for this contract.
Moving averages are both trending lower, with the 9 day widening out over the 50 day at 52.91 (compared with 50.80). Momentum continues negative with the RSI down to 25.15, well and truly in oversold territory.
Click here to view graphical presentation:
Back to the drawing board for the May contract, which looks incredibly weak going into notice period. New contract lows, an outside day reversal and not much positive to say about the situation. Based on previous non stopped deliveries, we can target 48.00 as a common delivery price for this contract.
Moving averages are both trending lower, with the 9 day widening out over the 50 day at 52.91 (compared with 50.80). Momentum continues negative with the RSI down to 25.15, well and truly in oversold territory.
Click here to view graphical presentation:
ECOM USA Inc
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