Good afternoon and happy Columbus Day,
It was another volatile week on the C market again last week. From 215.75 early to 226.45 in the middle and down to 213.80 by Friday. The macro played a big part as did increasing fears that inflation isn’t going away any time soon now and continued big interest rate rises will come from the Fed.
Funds were good sellers with long funds selling 1303 lots to go to 41,019 lots long and short funds sold 1602 lots to go 6396 lots short. Trade was their opposite buying about 1600 lots, per the COT issued on Friday for trading as of Tuesday.
ICE stocks continued to fall, continuing to make new lows for the year now at 416,719 bags with now 4,076 bags pending grading.
This morning, Tropical Storm Julie has moved into Nicaragua today with Tropical Storm warnings up in Honduras and El Salvador. Warnings were also out for high winds on the pacific coast of Guatemala.
Technically you can use the highs and lows from last week as support (213) and resistance (227) and go from there. The way things have been going we’d expect both to be tested.
Tarrazu La Pastora just came into the warehouse. We still have some nice organic Honduras for you. How can we help today?
All the best,
The Armenia Team