Global Commodity Analytics and Consulting President Mike Zuzolo thinks South American weather has the attention of traders. “The trade is thinking they’ve rationed demand enough at this stage. The charts, technicals and algorithmic trading have taken over at this stage. I don’t know if it would have been taken into this price action so quickly if we hadn’t seen weather models predicting more rainfall potential in Brazil.” Zuzolo says South America’s weather forecast is allowing traders to back and fill.
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