Coffee Traders Forum
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Posted by Tango
on May 28, 2019, 6:51 am
RC opened with selling, hitting resting bids, and has not recovered, leaving the arbitrage at 30.64 which is up from Friday. KC opened slightly lower. The depth of market shows scale down buying in July and little selling on the upside. In the forwards, bids are present but well below the market and now extending to Sep21. The market may become more interesting beginning at 8:00. A cold weekend in Brazil did not bring any threatening weather but freezing temps were hit at higher elevations and above coffee areas. Specs seem to have been supporting the market and will they continue to do so? The Real was on the weak side yesterday so scalpers will be watching as well as producers.
The $ was at its lows about an hour ago and now is higher against all currencies except the Aussie and the ¥. Bond futures continue to be steady and are providing support for metals which are lackluster. The Yuan and all other BRIC currencies are lower. USDMXN is 19.1219 +.0688, USDCOP 3358.6799 +1.25 (+.04%) and USDBRL which closed at 4.0410 as reported by CNBC is valued at 4.0461 on the CME. Oil is higher and equities are lower. Grains are higher as are sugar and cotton while cocoa is lower.
July is now below 93.00 and is on the softer side but is very quiet.