Coffee Closes At 1-Week Low As Supply Concerns Ease
Coffee prices on Friday sold off sharply and posted 1-week lows on an expected surge in coffee supplies. Thursday's data from the ICE exchange showed that there were 40,157 bags of coffee awaiting an assessment from the exchange to be included in warehouse inventories.
I don't know what they are talking about "an expected surge in coffee supplies".
BRAZIL is shut down for 3 weeks.
Peru is shutdown until April 13th.
Colombia the same shut down until April 13th
I realized what Volkafe has published, was true. My apologies to them. There are serious logistics problems to deliver the coffee to the ports.
I checked statements from the governments of those countries saying they will do whatever is necessary to smooth and guarantee the exportation process.
But the reality is THE EXPORTERS HAVE TOO MANY PROBLEMS. Coffee, as well as other products, are not arriving at their storages, either to the ports.
They cannot get the beans to process the product and that is because people are not working. They cannot get out of their houses to work. There is not public neither domestics transportation, besides the lack of containers we know..
Today US certificates drop about 9,000 bags and the same figure about 40, 157 pending to grade is the same yesterday's figure. The exchange maybe won't grade on tome for the May contract or they will experiment delaying grading because of the problem of Corona Virus.
So, what is the meaning "supply of concern ease"
Can someone explain, please?