Daily Market Price Updates and Commentary 3rd June 2026

The swings within the wider range continue with the market making an immediate move up through 14.50 on the opening and then building further to reach 14.64 within the first hour. Progress then stalled though prices remained solid for a period until some position liquidation late in the morning saw gains start to erase and send the price back down to opening levels. This by no means disheartened the day traders and moving through the afternoon they continued to try and bring the market back upwards but were unable to reach the morning highs as assorted grower pricing in the nearby two prompts capped the upside. Inevitably there was another reversal to follow against more position liquidation and this time the fall extended to new daily lows with Jul’26 at 14.29 before looking to hold. While the flat price flits around at familiar levels we were seeing the largest volumes against the Jul/Oct’26 spread, its value nudging either side of -0.50 points as interest ratchets up ahead of the index roll commencing this Friday. Trading was calm through the later afternoon though pressure remained, and the range extended a little further during the later stages with new lows recorded at 14.21. Settlement was just above at 14.24, a disappointing ending given the morning promise as we continue broadly sideways. 

Reacting to higher prices elsewhere the whites shot up on the opening and Aug’26 saw an initial high at $452.70. This provided the basis to continue probing into the resistance area / congestion ahead of last months $457.70 high, with the gains extending to $454.60 before progress stalled and a consolidation pattern emerged. This was broken a couple of hours later as long liquidation arrived to push the price back beneath $450.00, however the impact was not too significant and the arrival of US specs saw a fresh move towards the morning highs develop though this too was not sustained and befell the same fate as the earlier effort. Through the middle of the afternoon the gains were pared, and while Aug’26 and Oct’26 maintained a small net gain the rest of the board saw values slip beneath last nights values. A combination of white premium and spread support provided the reason for this with Aug/Jul’26 moving back up to sit at $132.50, while spread highs were recorded at $7.00 for Aug/Oct’26 and $2.00 for Oct/Dec’26. Additional pressure was applied through the final 30 minutes which sent nearby prompts into the red and established new daily lows, resulting in an Aug’26 settlement at $444.80 which leaves the overhead resistance some distance away having again scuppered the spec ambitions.