Weekly Winners & Losers
OJ is on the run again - up more than 20% this past week, recouping the majority of its recent losses as it makes a run at new all-time highs.
Cocoa deserves a shout out as well, up 16 of the past 18 trading sessions, making new all-time highs the past four days in a row.
Both New York (below) and London futures persist in reaching new record highs as weather continues to jeopardize a growing African crop amidst already limited supplies.
20-year chart:
March corn made new lows (again) early in the week:
The March-May spread widened a penny this past week, slipping from a “rally” to 9.5-cent carry during January’s deep freeze where grain movement was noticeably slowed.
The H-K remains notably wide though, weighed down by >2bbu ending stocks.
This is a sharp contrast to the past three years where tight stocks and strong export demand kept spreads inverted.
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