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Posted by Tango
on May 12, 2020, 6:47 am
The market ended below 110.00 at the post close and the weakness continued this morning. It is now at a standstill. As Gomes reported, processing and exports in Brazil have been compromised. Will the situation make buying for available coffee more urgent? Yesterday the market was well supported but the selling was overwhelming. Over 2,000 lots of Dec EFP were posted which could have been hedged but we donít know which way. Volume continues to be light. For now the market is holding the 109-110 area. It is possible that 8:00 will bring more short covering but itís anyoneís guess,
Key and BRIC currencies are higher against the $ with the exception of the Real. USDMXN is 23.919 -0.002 (-0.0084%), USDCOP is 3,894.00 +6.26 (+0.16%). USDBRL which ended in the spot market at 5.8172 is worth 5.8537 on the CME which is .0365 higher or +.63%.
Bond futures are mixed and equities have now turned positive. Gold and crude are both higher. Grains are mostly lower, sugar unchanged, cotton is higher in July but lower in Dec and cocoa is lower.