EMT referenced CZ19 hitting a contract high of $4.54 last week nearly identical to the 2015 contract high at $4.54 ¼. Again the market forces driving prices are different but the price action has been eerily similar. Both years had a big Fund short at the start of the rally. In ’15 they bot near 400K contracts through the rally. Not that much different than this year.

Written by:

Bruce Nelson with FCStone Financial Inc.