No frost in Brazil
Once all of this is digested I expect some downside opportunities as the market goes back into trading technicals rather than emotions.
Quite oversold and we saw sell signals on and Stochastik a while ago.
Also, the 5 hour chart will provide with a sell signal, which has been a superb indicator of short term price action (5-10 days).
I am short via 1x2 calendar put spreads, long the 135s in Q and short the 125s in U and various other like this. As we move lower, option vega will come in and provide some nice profits.
Also, selling the Sep (U16) contract provides with some good premium as this is considered the frost month.
Looking at spreads, they have been weak the past two trading sessions and also foreshadow price action.
Support at 134, then nothing until 125