Mexico (43,500 bales) and China (36,900 bales) were the primary buyers this week. Shipments were also solid at 199,200 combined running bales.
March posted a very impressive session today, grinding higher and then blowing through yesterday's resistance at 54.70. It is safe now that the 51-54 range is history, and we can now post a short term uptrend pattern (currently confined to 53-55.50).
It goes without saying here that you cannot argue with the trend and this one until notice is upwards.
Momentum is strong, and really confirmed the price/momentum divergence put in place in late November.
The RSI at 65.10 rising and still a ways from any oversold levels ( over 70.00 ). Trend wise the moving averages are both very strong, especially so since crossing last week. The 9 day EMA at 53.98 will support any pullbacks in the next few sessions.
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