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.
Bruce Nelson with FCStone Financial Inc.