Please note the continuous flow of Brazilian coffee into the warehouses while other origins are being drawn. Brazil activity in the warehouses has been dead until this year in which 65mm to 67.5mm were produced. This is no indication of a tightness.

Spreads were firm as, according to the COT possibly, non-commercials bought. Yesterday and today spreads are being hit. Of 1,346 notices issued 7 were of Brazil origin and Stone was the issuer.

Today’s market continues to be weak as funds continue to buy, maybe. Someone is systematically selling as well. We just hit stops below 121.00. No bounce back. USDBRL is 5.2519 -0.08 (-1.5004%). USDCOP is 3,553.22 -41.03 (-1.1415%. Depth of market shows support.