Coffee futures update – 30/mar/17
- New York and London both closed slightly lower in consolidation trading.
- Speculators were buyers on ideas that Robusta supplies are tight once again, but there just was not enough buying interest around to sustain the early rally attempt.
- The cash market in Central America remains quiet, with little buying interest against moderate selling interest.
- Offers are less from El Salvador, Nicaragua, and Costa Rica, but good volumes are available from Honduras and Guatemala. Peru is also said to be offering good volumes.
- Vietnamese prices are now at or near record highs, and there does not seem to be much Robusta around from other sources, with both Brazil and Indonesia mostly out of the market.
- Certified stocks are lower today and are about 1.345 million bags. The ICO composite price is now 132.93 ct/lb.
- Brazil will get mostly dry weather. Temperatures should average near to below normal.Colombia should get scattered to isolated showers.
- Central America and southern Mexico should get mostly dry conditions. Temperatures should average near to above normal.
Source: Morning Softs by Jack Scoville.Insidefutures.com
