NEO_99
Forumer storico
COFFEE
General Comments: Futures closed lower on what appeared to be speculative selling after a dramatic rally that pushed prices from just over $1.00 per pound to close to $2.00 per pound in a matter of weeks. Brazil is still on Carnaval for today, and other producers in other countries are not actively selling. Selling could pick up again tomorrow as offices reopen. Light rains are forecast through the weekend in Brazil but it is unclear if the showers will do much good. Trends are up in all three markets. The main focus of the market is still on Brazil. The lack of rain in Coffee producing áreas over the last month has hurt Coffee production potential as the crop was forming cherries. Traders also keep waiting for more Coffee to appear from Vietnam. Exports so far this year from Vietnam have been disappointing, although February exports were above the year ago pace. Wire reports suggest that offers from Vietnam have been better to start this month as well. The market needs that Coffee to be exported to help fill the vacuum left by the poor production in Brazil.
Overnight News: Certified stocks are lower today and are about 2.600 million bags. The ICO composite price is now 161.53 ct/lb. Brazil will get showers. Temperatures will average near to below normal. Colombia should get scattered showers, and Central America and Mexico should get mostly dry weather, although some showers are expected in Eastern Mexico. Temperatures should average near to above normal.
Chart Trends: Trends in New York are up with objectives of 204.00 May. Support is at 184.00, 180.00, and 177.00 May, and resistance is at 198.00, 201.00 and 204.00 May. Trends in London are up with objectives of 2150 and 2260 May. Support is at 2070, 2020, and 1990 May, and resistance is at 2140, 2165, and 2185 May. Trends in Sao Paulo are up with no objectives. Support is at 207.50, 204.00, and 198.00 May, and resistance is at 212.00, 215.00, and 218.00 May.
General Comments: Futures closed lower on what appeared to be speculative selling after a dramatic rally that pushed prices from just over $1.00 per pound to close to $2.00 per pound in a matter of weeks. Brazil is still on Carnaval for today, and other producers in other countries are not actively selling. Selling could pick up again tomorrow as offices reopen. Light rains are forecast through the weekend in Brazil but it is unclear if the showers will do much good. Trends are up in all three markets. The main focus of the market is still on Brazil. The lack of rain in Coffee producing áreas over the last month has hurt Coffee production potential as the crop was forming cherries. Traders also keep waiting for more Coffee to appear from Vietnam. Exports so far this year from Vietnam have been disappointing, although February exports were above the year ago pace. Wire reports suggest that offers from Vietnam have been better to start this month as well. The market needs that Coffee to be exported to help fill the vacuum left by the poor production in Brazil.
Overnight News: Certified stocks are lower today and are about 2.600 million bags. The ICO composite price is now 161.53 ct/lb. Brazil will get showers. Temperatures will average near to below normal. Colombia should get scattered showers, and Central America and Mexico should get mostly dry weather, although some showers are expected in Eastern Mexico. Temperatures should average near to above normal.
Chart Trends: Trends in New York are up with objectives of 204.00 May. Support is at 184.00, 180.00, and 177.00 May, and resistance is at 198.00, 201.00 and 204.00 May. Trends in London are up with objectives of 2150 and 2260 May. Support is at 2070, 2020, and 1990 May, and resistance is at 2140, 2165, and 2185 May. Trends in Sao Paulo are up with no objectives. Support is at 207.50, 204.00, and 198.00 May, and resistance is at 212.00, 215.00, and 218.00 May.