CCC Loan stocks were again raised significantly this week, with new entries of 496,376 bales and 46,474 redemptions. For the season the loan has now accepted 16.4M bales with 13.1M outstanding.
More sideways consolidation for the March contract with a tight, inside-range day today. Last Friday's report spurred trading range between 52.90 and 55.15 looks to be the nearby course for the virtually lifeless March contract.
Outside of this range we continue to see the greater range from 57.00 down to 53.00 in general. Momentum is very neutral at 49.69 on the RSI, whilst the moving averages (9 EMA and 50 SMA) are still converging, which is a wild card for lower price extremes.
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