It was rough day in the commodities complex today (at least for the longs) with 22 out of 29 front month commodity futures contracts in negative territory. The biggest decline was seen in FCOJ futures which dropped 3.5%, followed by natural gas and oat futures which both experienced a 3.2% decline. Here's the list of the top 10 decliners in Monday's session:
We wrote about the remarkable spike and subsequent retrace in FCOJ futures
back in April. The market got way out in front of itself on the initial reports of the possible ban of Brazilian imports, and the momentum of the retrace has pushed the prices another 23% lower from where they were in April.
Prices remain at depressed levels despite this being the middle of hurricane season which by most accounts runs in the US from June 1st to November 30th.
No comments:
Post a Comment