Arabica Futures Lower CoffeeNetwork - Arabica prices on the InterContinental Exchange were trading 1.25 lower for the March contract, last seen at 191.70. Volume was good with 11,142 contracts at the time of writing. The May contract is trading 0.15 higher at 187.15 with 8,282 contracts.
Arabica futures were last seen trading lower after posting new highs earlier in the session, following yesterday’s strong action. Traders note that the action is observed most in the Mar/May switch, which is losing a little premium. The market could also be factoring in the release of today’s Volcafe report, which could be considered bearish on both a Brazilian crop estimate 10 million bags higher than CONAB as well as a projected shift to a global surplus for the first time in three seasons. Weather in Brazil could also add some pressure to the market, as the most recent forecasts show good rains in the next few days, which should continue to improve soil moisture content.
Robusta futures are firm today.
Commodities are mostly higher. The S&P Global US Manufacturing PMI unexpectedly jumped to 50.3 in January 2024 from 47.9 in December 2023, compared to forecasts of 47.9, preliminary estimates showed.
Brent Crude Oil rose 0.72% to 80.12 and Spot Gold Futures ticked 0.24% lower to 2,045.51.
The Dow Jones Industrial Average firmed 0.18% to 37,972.02 and the Stoxx Europe 600 Index was last seen at 477.02, up 1.19%.
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