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Buying at the opening encountered good selling. There have been other episodes in the morning if selling entering the market. Prices remain at the lows and are unchanged from yesterday. Spreads have been hit due to forward buying. Presently there is good buying on the way down in Dec and in the forwards. A 230 lot bid is resting at 130.00 in May18, a cent away from current levels. The OI continues to increase as new buying and new selling take place. During the day we see what appears to be a collision of buyers and sellers, in addition to the resting commercial bids and the unrelenting systems selling. There is no detectable direction for now. Analytics and intraday sentiment are not to be dismissed. London is holding as the arb is 35.80 and the NovJan spread is 33 premium after closing at 38. BRL is 3.1347, unch, and the COP is 2947.48 +2.98. Bond futures are steady but DX is also slightly steady. Metals are firm. Crude has returned to 50+ and equities are slightly higher. Cotton continues to be steady while cocoa and sugar are near unchanged.

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Market *PIC*
KC Volatility