There was macro strength in the air this morning with equities and CRB all trading upward, and we followed the herd to emerge trading up to 11.04 basis May’20. The momentum quickly built and by mid-morning we had reached a session high 11.19 with vast swathes of green showing across the board. Though we eased off of these higher levels during the rest of the session, and indeed spent the final couple of hours back beneath 11c, however this was still good resilience given that the macro had turned away from its highs and was now more mixed, with crude having given back 10% morning gains to be almost 15% lower for the day. Aggressive closing selling sent May’20 back beneath 11c to settle at 10.91 though still representing a much better performance than has been seen in recent times. 

No.11 Futures

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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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