Arabica closed the day unchanged at 105.95 after taking its cue from macro concerns for most of the session. The BRL returned as a reliable correlation, however KC led the currency action for much of the day suggesting that the Reai was reacting to commodities and not the other way around. Structure continues its moment, with CSOs continuing to trade busily (the H/K -300 P posted another 770 lots, likely taking OI through the 5000 level), and H/K was drilled ahead of the close – falling from -300/-290 all the way to -340 before stabilizing on hurried commercial buying. Z/H settled -530 deep in notice period, which while largely inactionable served notice to some would be buyers that a long might not be safe. London suffered to a tune of an $11 loss, closing 1545, as industry appears to be the last man standing. Even as crop sizes are ever so marginally reduced by the trade for 18/19, past crop shipments remain strong, and a heavy Brazil crop sits a few months ahead, leaving prop buyers leery.
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