Arabica Coffee Futures Arabica Extend Losses. Robusta closed on Holiday
The New York coffee “C” markets closed lower on Monday mostly driven by speculative selling on technical weakness. Algorithm and computer systems joined the selling wave. The most active contract for July delivery lost 5.50 cents to settled at 195.20 cents a pound, the lowest since April 1st. The breach of the 200 level was a major disappointment for long players who were expecting a bounce from what could have been a base formation, which is now doubtful. The nearby switch (July/Sept) fell 45 points, adding pressure to the prices today. The open interest dropped 5,209 lots as of Friday, evidencing the massive funds liquidation. Fundamentally, the market will remain focused on the harvesting of Brazil’s crop and if any changes to yields are expected compared to forecasts which were issued earlier in the developmental cycle (usually around flowering time). In the coming weeks, the USDA will continue to publish their attaché coffee reports, which will be the first forecasts for the 2024-2025 crop. In June, both StoneX/CoffeeNetwork and the USDA will reveal their estimates for global supply and demand. CECAFE will release the Brazil’s export data next Monday May 13th. Commodities were mostly higher today. Brent Crude Oil rose 0.68% to 83.52 and Spot Gold Futures gained 1.17% to 2,328.76. The Dow Jones Industrial Average rose 0.34% to 38,807.73 and the Stoxx Europe 600 Index was last seen at 507.8, up 0.45%. Certified stocks decreased 2,220 bags to 686,958 bags. Pending grading increased 32,220 bags to 117,977 bags total. No grading done today.
At the time of writing
USDBRL 5.0762 +0.07%
USDCOP 3894.3 -0.38%
Miami London Brazil
305-925-4847 +44-203-580-6099 +55-11-3509-5426
ICE Arabica
Volume:
51,115
ICE Robusta
Volume:
0
Brazil Arabica
Volume:
631
Arabica-Brazil Arbitrage
Arabica-Robusta Arbitrage
Arabica Switches
Robusta Switches
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