We hope all our friends had a wonderful Thanksgiving filled with everything that makes this holiday wonderful for you. Surely, we are thankful for your friendship and support throughout the year. We’ll be short – as the week was short. Most companies worked just 3 full days last week, shortened by the Thanksgiving holiday. March C fell from 117.00 at the beginning of the week to a low around 110 by the end, holding Fibonacci support at 110.25 for now. Lighter holiday volumes, joined with an overall bearish macro picture including falling crude oil prices and a weaker Brazilian Real to pressure the C back down.
Truck strike in Colombia so far has not been joined by the major unions coffee exporters use to move coffee to port and so far, we understand, coffee is moving to port as expected. According to Safras & Mercado reported on Nov 19th, Brazilian coffee producers have sold about 59% of the 2018-19 coffee harvest, slightly behind the five-year average for the date, 60%. The group expects a harvest of 60.5 million bags and farmers have sold 35.8 million bags, as reported by Dow Jones News. They further added that 56% of the arabica crop and 69% of the robusta crop is sold.
We have a fresh box of Colombian Supremo screen 17/18 expected to land on Nov 29th, and 110 bags of Supremo 18 expected to arrive a day sooner are the new lots just made it onto our offering list.
If we can be of help, please let us know.
The Armenia Team