Good morning,
Happy Monday! It is a brisk sunny calm after the storm. Many parts of the area got some snow, some more than others. If we are listening to the forecasts more storms are on the horizon. We are not worried as we are enjoying some freshly imported and roasted Indonesia Ketiara, it tastes very good!
We keep hearing reports about seasonal amounts of rain and temperatures in Brazil, which should benefit the upcoming crop and have the opposite effect on the market. Central America production for the fourth quarter showed major improvements from Q4 2022, also putting some pressure on the market. Coffee is still readily available in Colombia and many shippers are motivated to do business if it presents itself of course.
COT as of Tuesday, January 2nd shortened holiday report, released Friday, January 5th showed long fund bought 690 lots to stand at 48,768 and short fund sold 271 lots to stand at 26,212 lots short. ICE certified stocks didn’t move, they stand at 253,144 bags. Currently, 16,901 bags are awaiting to be graded, no coffee was graded on Friday 1/5/24.
The Brazilian Real continues to weaken slightly 0.27% this morning out to 4.8871. The Colombia Peso was also weaker at 3887.94. Reuter’s recent report highlighting a weaker USD also looks to be indicating lower coffee prices.
March contracts support is at 176.72, with resistance at 187.55 / 187.60 / 189.28.
We have some fresh arrivals in warehouse we would be happy to sample. Just arrived from Colombia we have Supremo and Excelso. We also have an Organic Ethiopia Yirgacheffe from our friends Dumerso, a lovely women Co-Op. About 200 bags of FTO Indonesia Ketiara from another lovely women Co-Op to compliment the fresh arrivals, let us know how we can help.
All the best,
The Armenia Team
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