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3-29-2021 Armenia Coffee Report

Good morning, happy Monday.

Before we start a reminder. The Easter holiday starts at the end of this week with Good Friday this Friday April 2nd. Our offices and most warehouses and logistics companies will be closed. In addition, some will keep the Easter Monday holiday as well, though we will be here to help if we can on that day.

It’s a lovely cool Spring morning here in the Northeast. Our donut shop type morning blend is on point so far today.

Another mostly lower week saw the market make new lows for the move, and the COT mostly showed it was spec based selling into roaster buying, at least through Tuesday though likely we’ll see follow through in the next report. For good order fund longs sold 2407 lots standing at 43,227 and fund shorts sold a large 5,782 lots to stand at 24,517 lots. Net/net, trade bought 6144 lots in total.

This is interesting as reports show this morning that the Brazil Real had a terrible week last week and stands at 5.7864 as we’re writing this. The Colombian Peso also was weaker and stands this morning at 3688.6, so there was likely some origin selling though it was masked by roaster support at the lows.

There is a large vessel continuing to block the Suez canal, that route is very important to European traders, and one of the cargos we saw adversely affected was mentioned to be coffee, especially coming from Asian ports. The reports are positive this morning as they have freed some of the vessel and hope to free it all on the high tide today. If you’ve seen the pictures you understand what a difficult task this has been.

ICE stocks totaled 1,835,263 bags on Friday with Brazil 871,604 of the total. There were 42,431 pending grading.

The market tried a rally on Friday but failed to hold in this morning’s trading and we’re back to sniffing the lows again for this move. We like the market here but think perhaps a little consolidation is in order to form a base for the next rally.

We have some really nice RFA Colombia just into Continental last week. We have some FTO Honduras and Guatemala new crops on the water arriving in mid-April. Our Vietnam Robusta arrives on April 8th and some 17/18 screen Brazil on the 6th . All these represent the next group of nice fresh coffees we’ll have on hand for you.

How can we help you today? Please let us know.

All the best,
The Armenia Team