CoffeeNetwork - Arabica prices on the InterContinental Exchange were trading 3.00 higher for the March contract, last seen at 184.40. Volume was light with 5,962 contracts at the time of writing.
Arabica futures continue to rebound, correcting higher from recent lows. Oversold conditions continue to support the correction. Weather in Brazil shows light to moderate rainfall for southern and central coffee producing regions in the coming days, which should help improve the soil moisture content. There have been limited forecasts thus far for the new crop as proper analysis is still being conducted. IBGE will publish a Brazil coffee crop estimate tomorrow morning, although it is unclear whether this will be the last estimate for the 2023-2024 crop, or the first estimate for the 2024-2025 crop. CONAB will publish their first official estimate for the 2024-2025 crop on January 18th. The StoneX team will be conducting a second crop tour later this month, and will publish their forecast for the crop based on their observations in the weeks to follow.
Robusta futures are higher, hovering near 15-year highs. Traders note that producers remain unwilling to sell while waiting for better prices, while at the same time, demand is strong.
Commodities are mostly higher today. The US trade gap narrowed to $63.2 billion in November 2023 from $64.5 billion in October.
Brent Crude Oil jumped 1.10% to 76.96 and Spot Gold Futures also firmed 0.33% to 2,034.71.
The Dow Jones Industrial Average ticked 0.72% lower to 37,412.26 and the Stoxx Europe 600 Index was last seen at 476.15, down 0.46%.
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