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4676 views January 24, 2014 posted by Maja Wallengren

MARKET INSIGHT: March Arabica Coffee Ends Down 0.80 Cent At $1.1440/Lb Jan 24 In Quiet Trade

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JAN 24 (SpillingTheBeans)–Arabica coffee futures closed lower on Friday at the ICE futures exchange in New York with the active March contract settling down 0.80 cent at $1.1440 cents per pound. Prices opened between flat and a tad lower for most of the contracts as the bear camp returned to the market and pushed forward with its agenda of convincing trade the market is well supplied for now. Volumes were “relatively low and activity was quiet” which didn’t allow for any significant buying to bring prices back up, said one trader. More forward May Arabica futures also closed down 0.80 cent at $1.1670/lb.

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*For the full report on the 1st Conab forecast for the 2014-15 Brazil crop, please see: http://spilling-the-beans.net/brazils-conab-pegs-2014-14-coffee-harvest-in-brazil-down-to-46-5m-51-15m-bags/

*For more on the Volcafe report, please see: http://spilling-the-beans.net/harvest-analysis-volcafe-cuts-2013-14-crop-view-for-brazil-by-3-8m-bags-pegs-14-15-down-to-51m-bags/

*For more on the new Somar figures, please see: http://spilling-the-beans.net/brazils-somar-cuts-estimate-for-2013-14-crop-by-3m-bags-to-51m-bags-predicts-rain-damage-in-2014-15/

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JAN 23 (SpillingTheBeans)–Arabica coffee futures closed higher on Thursday at the ICE futures exchange in New York with the active March contract settling up 0.35 cent at $1.1520 cents per pound. Prices opened higher across the board as the bear camp in the market “got cold feet and even though the market consensus is for supply to be sufficient” the market doesn’t want to push it too low, said one trader. More forward May Arabica futures also closed up 0.35 cent at $1.1750/lb.

JAN 23 (SpillingTheBeans)–March Arabica coffee futures were trading higher at the ICE futures exchange in New York in over-night trade on Thursday, up 0.65 cent at $1.1550 per pound. (05:22a.m.)

JAN 22 (SpillingTheBeans)–Arabica coffee futures closed lower on Wednesday at the ICE futures exchange in New York with the active March contract settling down 1.35 cent at $1.1485 cents per pound. Prices opened lower across the board as the bear camp in the market “is officially back and getting sentiment to rally around the idea of a surplus in supply,” one trader told SpillingTheBeans. More forward May Arabica futures closed down 1.30 cent at $1.1715/lb.

JAN 21 (SpillingTheBeans)–Arabica coffee futures closed lower on Tuesday at the ICE futures exchange in New York with the active March contract settling down 0.95 cent at $1.1620 cents per pound. The market opened flat as traders headed in to a two-sided direction in search for signs as where to go next. Low volume eventually pulled the market a tad further down before settlement. More forward May Arabica futures closed down 0.90 cent at $1.1845/lb.

For more details on the market and the latest forecasts for Brazil: http://spilling-the-beans.net/market-insight-march-arabica-coffee-close-up-0-70-cent-on-jan-2-at-1-1140lb-in-solid-start-to-2014/

JAN 20 (SpillingTheBeans)–Trading on ICE is closed on Jan. 20 as the U.S. celebrates Martin Luther King Day.

JAN 17 (SpillingTheBeans)–Arabica coffee futures closed lower on Friday at the ICE futures exchange in New York with the active March contract settling down 1.20 cents at $1.1715 cents per pound. The market opened lower as traders were trying to find the balance for where to establish direction after the last two weeks of dramatic cuts in crop views for Brazil. While consensus has been building fast in the green coffee trade that both the current and next crops in the world’s largest coffee grower Brazil is coming in significantly lower than expected, there is still also a general consensus that the market is sufficiently supplied for now. The market, however, still holds on to most of the 10-cents gains from the first two weeks of trading in 2014. The more forward May Arabica contract also closed down 1.25 cents at $1.1935/lb.

JAN 16 (SpillingTheBeans)–Arabica coffee futures closed higher on Thursday at the ICE futures exchange in New York as concern over smaller than expected crops in the world’s top grower Brazil returned to the market, with the active March contract settling up 1.15 cents at $1.1835 cents per pound. Prices opened higher across the board as the bull camp in the market tried to push prices back to retake the rally from last week. But despite sharp early gains the market sentiment softened as consensus remains supply for now is sufficient to cover demand. The market has strengthened some 10 percent in the first two weeks of 2014. The more forward May Arabica contract also closed up 1.15 cents at $1.2060/lb.

JAN 15 (SpillingTheBeans)–Active March Arabica coffee futures closed weaker on Wednesday for the third consecutive trading day at the ICE futures exchange in New York, settling down 2.00 cents at $1.1720 cents per pound. Traders said profit taking led by the bear camp dominated the session as net gains since the beginning of the year remain at over 7 cents, or close to 10 percent in the last month. More forward May Arabica contract closed down 2.00 cent at $1.1945/lb.

JAN 14 (SpillingTheBeans)–Active March Arabica coffee futures closed weaker on Tuesday, settling 0.65 cent lower at $1.1920 cents per pound at the ICE futures exchange in New York as profit taking continued after last weeks impressive net gains. More forward May Arabica contract closed down 0.70 cent at $1.2145/lb. Arabica futures for March gained over 9 percent during the first 10 days of the year, or net gains of about 10 cents/lb, after a series of major forecasts on the crop in the world’d largest producer Brazil all came out pointing to lower than expected output.

JAN 13 (SpillingTheBeans)–Active March Arabica coffee futures closed weaker on Monday and settled 0.80 cent lower at $1.1985 cents per pound at the ICE futures exchange in New York as profit taking continued after last weeks impressive net gains. More forward May Arabica contract closed down 0.75 cent at $1.2215/lb.

JAN 10 (SpillingTheBeans)–Active March Arabica coffee futures closed stronger on Friday, settling 1.30 cents higher at $1.2065 cents per pound at the ICE futures exchange in New York. Prices opened lower across the board as the bear camp in the market made another attempt to drive prices back down. But the left over concerns from Thursday, when a 3rd forecast predicted lower crops in the world’s largest coffee producer Brazil, quickly had the market rejecting the downward move and instead starting to move higher to recover most of the losses from the previous session. More forward May Arabica contract closed up 1.40 cents at $1.2290/lb. Arabica futures for March have gained over 9 percent since the first trading day of the year, or posting net gains of about 10 cents/lb since Jan 2nd.

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2 Comments

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