Arabica Futures Higher, Brazil Awaits Interest Rate Decision
CoffeeNetwork - Arabica prices on the InterContinental Exchange are trading higher by 0.90 based on the September contract, last seen at 178.75 with moderate volume around 15,678 contracts. The December contract was last seen trading 0.90 higher at 178,75 with 11,447 contracts.
Arabica futures are consolidating higher today but still remain far from the seven-year peak touched last month following damaging frost in Brazil’s coffee belt. While weather appears to be warming, the full assessment of the damage and losses to the 2022-2023 and future crops is yet to be confirmed. As the current October 2020 to September 2021 crop year nears its end, the new crop year will come into focus, including the impact of a possible La Nina as well as lowered demand due to continued lockdowns of the COVID-19 pandemic. Focus today is also on the Brazilian Real, which was last seen sharply lower ahead of the interest rate decision due out later today when a fourth straight rate hike is expected.
Robusta futures are lower today.
Commodities are mostly lower today. Private businesses in the US hired 330 thousand workers in July 2021, compared with a downwardly revised 680 thousand increase in June. The ISM Non-Manufacturing PMI rose to 64.1 in July 2021, from 60.1 in the previous month.
Brent Crude Oil fell 2.82% to 70.37 and Spot Gold Futures were unchanged at 1,810.45.
The Dow Jones Industrial Average ticked 0.76% lower to 34,850.57 and the Stoxx Europe 600 Index was last seen at 468.22, up 0.61%.
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