Coffee Traders Forum
[ Post a Response | Coffee Traders Forum ]
Posted by Tango
on January 17, 2020, 6:58 am
RC opened with buying and has kept its value as the arb is down to 52.56 after settling at 55.65. KC opened higher as well but was immediately pushed lower and has remained under pressure. There are no shortage of bids that are lined up in March and scattered extending to March21, likely representing the consumer side of the market. Yesterday, weakness was also present as it has been all week and in a shrinking market. The Real continues to be weak as well but if it’s provoking selling in coffee it is speculative and not origin. 8:00 should bring more selling as well as an expansion of bids by commercials. There may be some covering by tag-along shorts on this Friday.
Currencies are either unchanged to lower rendering a higher $Index. The BRIC countries are mixed with the Yuan continuing to rally. USDMXN is 18.7368 -0.0354 (-0.1886%), USDCOP is 3,324.00 +3.15 (+0.09%) and USDBRL closed at 4.1847 and is around unchanged on the CME.
Bond futures are higher except for the 30 year. Equities and metals are both higher. Crude and grains are higher except for soybeans. Softs are also higher with sugar unchanged. Markets are perked up this Friday except for coffee, but we’ll see.