Coffee futures - Google News

Monday, October 15, 2007

Coffe market update, Oct-16

Last Friday ICE December coffee futures tested again the 140.0 level and finished on a strong note on Brazil dryness worries and lack of Brazilian producers selling pressure due to a Brazil national holyday. Also, Friday evening latest COT report suggested that spec long position are getting close to an all time high. Brazil held one million bags of beans in official stocks as of September, the
lowest on record, the agriculture ministry said Wednesday (Brazilian producers seem to take advantage of higher prices to export as much as they can), in the meantime ICE certificated coffee stocks stands at an healthy 4.513 million bags level (suggesting US roasters are waiting for lower price to buy). Monday morning ICE December coffee futures are down sharply at -5%: it seems that some rain in San Paulo during the w-e forced some speculator to sell: in an extremely long spec market stops can be hit resulting in sharp sell off like this morning.


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