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Daily Coffee Report - 10/10/2024

By: StoneX Coffee Team, Softs Coffee Miami

Coffee Futures Settled Positively

 

Arabica coffee futures were the main drivers today. The main contract Dec24 settled +4.70 at 254.75. The technical confirmations keep the longer trend alive. Yesterday’s settle slightly above the 50-day moving average; was a good signal for additional longs to come back in the picture easily building above 254.00 where the sells appear thin. Brazil’s weather forecast keeps providing a sense of relief and the strength of the dollar index combined with a weaker Brazil real and weaker Colombian peso managed to cap the move up on its way to the 260 area. The settlement above both the 50-day moving average and the 8-day moving average brings positivity to the end of the week. The area of 252/253 could be seen as consolidation awaiting fresh news.  The EUDR extension timeline is still to be determined by late October. The switch Dec/Mar was active today on a tight range of only 1.20/1.40 with a volume of 4,445 out of the 10,249 switches traded today. The back months showed a different story. The Sep25/Dec25 for example, had a wide range, breaking the recent trend to trading today a range of 4.60/5.50 and a settle +0.85 at 5.40.

Robusta settled positive on the Nov24 contract +49 at 4914. The Jan25 contract now holds a bigger OI of 40,783 contracts and the Nov24 contract an OI of 27,566. The Robusta certified stocks decreased the same amount added yesterday, subtracting 37 to a total of 4,253 lots. 11 sessions left to Nov24 contract FND.

At the time of writing:

USDBRL 5.5832  -0.26%

USDCOP 4,213.25 -0.50%

Coffeeorderdesk@stonex.com    

Miami                                                London                                Brazil                           

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

ICE Arabica

Volume:

38,210

 

ICE Robusta

Volume:

14,046

 

Brazil Arabica

Volume:

750

Arabica-Brazil Arbitrage

Arabica-Robusta Arbitrage

Arabica Switches

Robusta Switches

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