JUN 12, 2017 (SpillingTheBeans)–Arabica coffee futures surged in early trade on Monday at the ICE exchange in New York, with the active July contract rising 2.55 cents to 129.10 cents per pound in an intra-day high as the market reacted to the cold front that this weekend hit coffee regions in Brazil with this season’s first frost scare. The market opened up and stayed in higher territory throughout the session but attempts by bulls to push prices higher failed and the bear camp in the market capped the highs of the day. Active July futures settled up 1.05 cents at 127.60 cents per pound a while more forward September futures closed 0.95 cent higher at $1.2980/lb. Traders said they were taken by surprise that the cold had extended as far north as Sao Paulo and Southern Minas, even though SpillingTheBeans as early as last Tuesday reported the first frost alert for 2017 had been issued for the Brazilian coffee regions covering Parana, Sao Paulo and Southern Minas.
JUN 8, 2017 (SpillingTheBeans)–Arabica coffee futures closed higher on Thursday, expanding gains from the last session as the market is monitoring forecasts for colder weather with the potential to see the new 2017-18 harvest in the world’s biggest producer Brazil hit with damaging frost, traders said. Active July futures settled up 0.60 cent at 126.35 cents per pound at the ICE exchange in New York while more forward September futures closed 0.60 cent higher at $1.2865/lb.
As reported by SpillingTheBeans last Tuesday, the frost season has started in Brazil and the first frost alert for 2017 has been issued for this upcoming weekend for coffee regions across Southern Minas, Parana and Sao Paulo.
“It’s going to be getting cold in Brazil this weekend, probably not enough to damage anything but it’s a wake-up call for the shorts,” said Jack Scoville, a vice president with Price Futures Group in Chicago, told Reuters.
*For more on the current frost alert: http://spilling-the-beans.net/breaking-frost-alert-for-brazils-southern-minas-coffee-region-parana-and-sao-paulo/
*Para leer mas en el Blog de Café haga click: http://spilling-the-beans.net/blog-de-cafe-frio-preocupa-produtor-de-cafe-do-sul-de-mg-e-mogiana-paulista/