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Re: Production Consensus and Reliability Update - Corrected
I take it that you’re question is rhetorical but you are correct that there is good supply of coffee, imo. However today’s strength is either related to the continued dryness in certain areas of Brazil or past crop damage. The market is very steady and looks good technically as well. There has been what appears to be origin selling extending out to Dec22 causing forward spreads to be steady. Front spreads remain on the defensive due to the increasing deposits of Brazilian into the warehouses. USDBRL 5.2708 +0.0741 (+1.43%), USDCOP 3,466.80 +22.49 (+0.65%).