Coffee Futures Closed Slightly Higher
Coffee futures settled higher for the third consecutive session today, with Robusta prices ending as the leader for a change. Arabica prices were bid from the open but traded mostly flat during the session on both sides of unchanged, but still managed to settle in positive territory. Robusta prices traded flat early, but volumes and prices picked up with about 2 hours left until the close to go out at a new contract high up 134 at 5446 basis November 2024.
As has been the trend, most of the trading was done through spreads, with the nearby Nov/Jan also closing at a contract high of 294 or 13 cent premium. The one year spread between November 2024 and November 2025 went out today at 965 or 44 cent premium. The Sep/Nov arabica/robusta arb narrowed about 4 cents today to 22 cents. Robusta certified stocks have been drawing down at a steady pace over the past three weeks, down 1,165 lots to a total of 4,899 since September 11th.
Yesterday, Cecafe published the results of a survey that found that delays out of Brazilian ports during the month of August created a backlog of 1.9 million 60-kg bags of coffee not shipped last month.
At the time of writing:
USDBRL 5.4742 +0.42%
USDCOP 4,199.15 +1.21%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
30,738
ICE Robusta
Volume:
18,115
Brazil Arabica
Volume:
942
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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