• The day commenced slowly, trading either side of unchanged on light morning volumes with the market seemingly content to consolidate near to 13.50 basis March’20. The picture changed a little during the afternoon as a little more buying began to emerge, reversing yesterday’s decline with the market pulling back upward, bringing some light spec interest back into the game. This provided a basis for specs to make a more concerted effort to renew the upward pursuit and a more aggressive burst of buying during the later afternoon sent March to 1.376 while the March spreads were also showing significant net gains. The final hour was more mixed, though specs remained active and ensured a positive conclusion towards the upper end of the range as they look to reinvigorate the technical picture ahead of the weekend.

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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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