Ongoing macro steadiness led to the third successive higher opening with values broadly 15 points up to start the day, before pushing ahead to record a morning high for May’20 at 11.68 (+0.41). This strength in the raws was not being matched for the whites however with the feeling that with many nations now under varying degrees of Coronavirus lockdown we will see reducing consumption and an increase in stocks for the whites balance sheet. This led WP values further back from their recent highs with both May/May and Aug/Jul trading beneath $85 intra-day. Prices eased back to revisit the opening lows during the afternoon, however for the majority of the session we simply maintained a pattern of quiet consolidation within the range. Fresh lows were recorded during the final hour on what appeared to be some light spec selling but we swiftly bounced to end the day comfortably back within the range and record another set of moderate gains.  

      

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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