The opening was slightly better than unchanged and almost reached the post close last of 107.15. It set the high for the morning so far. Steady prices however attracted selling. The low was established for now and the market has not penetrated 106.00. Immediate bids are lined up in the forward market but today front month is well populated on the buy side as well. The market is at a standstill for now and well supported. Friday’s volume dropped back down below 30k where it had been to 25k. The 109.15 high also attracted selling which has essentially brought us to current levels. 8:00 may bring buying as reports of cold fronts are emerging. Although these fronts are non-threatening to coffee areas, we are entering the season. GCA stocks are higher but we’ll see how they fare in the coming months.

The $Index is a tad lower as key currencies are mixed. BRIC currencies are also mixed. USDMXN is 23.7643 -0.1639 (-0.685%), USDCOP is 3,912.50 +7.72 (+0.20%) and USDBRL on the CME is 5.8247 which is -.0290 from Friday’s spot close or -.50%

Bond futures are mostly lower and soft. Equities are very much higher as are metals. The gold/silver ratio is still high at 100.00 even but lower from what we have recently seen. Oil is sharply higher and grains are mixed. Sugar and cotton are higher while cocoa is lower.