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Posted by Tango
on October 17, 2019, 6:59 am
Robusta began with selling and has remained subdued bringing the arb to 39.29. Arabica opened with buying which has sustained the market throughout the morning. Spreads firmed yesterday across the board as puts in spreads were sold, likely by trade. Certified stocks have bean rising in the last few days and we have seen GCA stocks rise, adding to the spread puzzle. As the market is now making new highs for the day, 95.00 may again be a level of resistance.
The $Index is lower as most major currencies are higher lead by the £ as Brexit is becoming closer to reality. The BRIC currencies are higher as well. USDMXN is 19.1594 -0.0421 (-0.2193%), USDCOP is 3,455.00 -1.5 (-0.0434%) and closed at 4.1505 and is unchanged on the CME.
Bond futures are lower, equities higher, crude is lower while metals are mixed and near unchanged. Grains are all higher as are all the softs.