Daily Market Price Updates and Commentary 5th May 2026

Yesterday saw the market recovery continue at good pace and maintain the recent chart strength with Jul’26 now well above the 15.00 area where selling had hindered progress. Last week’s COT figures showed that funds/specs have reduced the net short to -128,503 lots, And the surge in values since will no doubt have reduced the number further. With that in mind we saw fresh opening buying arrive and take the price ahead to 15.43 before stalling against some profit taking, but while we eased back from the highs against this selling the market was suitably comfortable that it held in front of overnight levels across the rest of the morning. Early afternoon saw another burst of selling drop the price back to 15.21, however it proved to be only a blip and soon the specs were driving the market upwards again. Assorted grower pricing scale were being filled across Jul’26 and aOct’26 as the price surpassed this morning levels and reached 15.49, though having halted it eventually suffered the same fate as earlier with profit taking leading it down to unchanged once more. Sentiment is such that the last hour saw some supportive buying to ensure a positive finish at 15.37, maintaining the recent pattern for another day.    

Whites were called significantly higher as they looked to catch up the ground made by No.11 while we remained closed yesterday, and Aug’26 duly obliged with the price gapping higher and quickly moving into the mid $450’s. Continued buying across the first hour saw Aug’26 move ahead to $457.70, however the buying then dried up and with little immediate support the price soon worked its way back to sit in the vicinity of $452.50. Volumes were decent as traders took advantage of the movements but while the price remained at the lower part of the range into the early afternoon there was no sign that it would fall significantly, so leaving the overnight chart gap in place. In conjunction with No.11 the market set off higher again during the middle of the afternoon but proved unable to match the morning high and so we saw the white premium values slip further away from last week’s high levels with Aug/Jul’26 trading around $115.00. Worse was to follow for the premium as the remainder of the session saw Aug’26 fall back to a new daily low of $449.90, and while sitting only just above this level through the later stages the value slipped towards $113.00. Aug/Oct’26 continued near to parity, while Aug’26 found some late buying to bring it a small distance from the lows and settle at $452.20. Overall, the market is showing a degree of fatigue as it struggles to match the current pace of No.11, and with a small chart gap remaining to $448.50 there may be a view to bring some selling and fill this should opportunity present.