The benchmark December contract settled 215 points lower Monday to 118.80 cents a pound, as rains were
reported in Brazil during the weekend. Prices were under pressure after the opening, following the weather
report. Rains, 0.10 -0.75 in, during the weekend are expected to remain same until Friday, improving
conditions for the crop after the flowering. Activity was boosted by switches as more than 7,700
traded. Volume reached 27,543 lots, including 7,738 lots. A significant increase of the net short position of the non-commercials added the bearish sentiment as reported by the COT. Net shorts positions grew by more than 100% to 19,354 lots as of Oct 27 from 9,930 lots. Markets in Latin America were closed on Holiday.
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