Chilly winter morning and we’re expecting even more snow here today. The weatherman told us this morning that this is the 3rd snowiest winter on record already. This is one record we’d prefer not to chase never mind run past. Still, we are comforted by a nice Indonesian, Colombia and Honduras blend we’ve been trying lately.
The market moved smartly higher though out the week, as first notice day in March came. May’s Monday low was 12210 and by Friday we’d make a high at 13035. The disaggregated COT showed that fund longs sold 1707 lots to 40229 and fund shorts bought 1728 lots to 20,487 so a third week for funds not doing very much. Meantime trade longs sold 11,700 lots and trade shorts bought 8151 lots as we moved into first notice day liquidations.
This morning the Brazilian Real is sharply lower, down 2.13% to 5.516 hurting NY terminal prices while helping Sao Paulo. Total NY terminal stocks up to 1,733,624 with now 738,358 bags of Brazil. There were a further 86,731 bags to grade. A total of 172 notices have been issued against March so far. Shipment problems in Indonesia and Vietnam continue.
We’ll continue to say we’ll see the market trade in the channel until it doesn’t. We received a very nice sample of a Ethiopian Sidamo Grade 4 RFA which was really nice and berry delicious. We’ll have shipments of April, May and June – should arrive June, July and August if you have interest please speak to a trader.
All the best,
The Armenia Team