No.11 market opened at the same level of yesterday’s settlement of 17.98. In the opening, prices showed no clear direction. During the first half hour of the day, market bounced from 18.07 to 17.96 which ended up to be the day’s low. From 9:00 onwards, buying power took place and V2 rose to the day’s high of 18.40 around 13h50. After the day high, No.11 retreated until it reached 18.09 around 16h15. In the trading day end, market got another up move reaching about 18.34 at 17h50 and swinging down to 18.23 in the close, resulting in a 18.28 settlemet price, a +.30 change from previous settlemet, representing a 1.67% move.

Oct 22 registered about 61k lots volume, the hightest volume since 28/07. Since March, the 17.20 low registered in the 1st August didn’t consolidate, as the market steadly rose about 100 points from the low in a 1.5 week timeframe.

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Today higher opening prints were seen only briefly with the Oct’22 reaching 547.8 in the first couple of minutes. At 13h00, with a better result than expected for the USA inflation, the market was drove by a high movement leading the Oct’22 to surpass the mark of 550 with the White premium valued at $145 slice below the levels traded on Thursday’s close . After that we saw a calmer market keeping it between 550 – 546 until the end of the day, where a higher movement bring it to close at 549.2 with the with premium at 146.7 . Looking to the spread, Oct/Dec’22 ended the day valued at 28.3, lower compared to previous days. 

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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