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Daily Coffee Report - 06/11/2024

By: StoneX Coffee Team, Softs Coffee Miami

Coffee Futures Closed Lower

 

Coffee futures continued their move lower today, with July24 Arabica now 20.95 off from the recent June 6th high of 239.80 at today’s low and last trade of 218.85. Spot July24 settled 0.85 lower at 220.55 but continued to fall after the settlement period led once again by the July24/Sep24 spread going out at -1.10. Total volumes reached 89,045 contracts, including 30,441 switches. We did notice bids begin to show up in size near the money today in the Sep24/Dec24 spread – momentum traders tried using this as support to drive the flat price higher through nearby moving averages, but the move failed to materialize. July24 arabica options expire tomorrow, the market will then begin to focus on the upcoming delivery period beginning June 20th. The recent flow of pending gradings continues to pick up, with now 57,382 bags total – all in Antwerp except for 15,400 bags of Colombia presented in Houston. 

July24 Robusta closed 40 lower at 4196 on 17,542 lots of total volume. Price action mostly tracked the Arabica contract throughout the day. The July24/July24 arb continues to hold near 30 cents, however we are curious to see how this develops over the next two weeks as both contracts enter their respective delivery periods. The gradings in the London terminal continue to pick up, certified stock now totals 5,571 lots split mostly between London and Antwerp. July24 deliveries begin on June 25th and the July24/Sep24 spread remains at a $140 premium with 29,370 contracts of open interest in the spot contract.

At the time of writing

USDBRL 5.33675 +0.02%

USDCOP 3963.1 -0.01%

Coffeeorderdesk@stonex.com    

Miami                                                London                                Brazil                           

305-925-4847                                  +44-203-580-6099            +55-11-3509-5426     

ICE Arabica

Volume:

89,045

 

ICE Robusta

Volume:

17,542

 

Brazil Arabica

Volume:

500

Arabica-Brazil Arbitrage

Arabica-Robusta Arbitrage

Arabica Switches

Robusta Switches

  • Coffee

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