May-19 FCOJ futures have turned higher: Last week, the contract gained over 7 cents Monday and Tuesday during active trade. After a short pause last Wednesday, the market has continued to climb in the four trading days since, settling near a three-month high yesterday. It is not unusual for FCOJ futures to rise notably at this time of year, as some market players position themselves for contract negotiations. The FCOJ market over the last four weeks has resembled seasonal behavior we saw during 2013 and 2014, although at lower price levels. Those years, futures prices rose around 15-20 cents during March through May, then dropped sharply during June.
FCOJ futures: Seasonal comparison of 2013, 2014, & 2019
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