Good afternoon all,
Hope everybody got to enjoy a beautiful weekend, at least it was so here in the Northeast!
Coffee drifted lower last week with September futures down about 4 cents.
The larger speculators, net, reduced their long position (as of Tuesday) for the first time in some time, by about 1500 lots. Some of these traders are very impatient and quick to sell a long position if the market turns down or just stops going up for a while. This trend continued on Monday morning although the longer-term speculators continue to bet on the market appreciating. A weakening of the Brazil Reais on Friday also pressured the market.
Late last week we received word from Colombia that the port of Buenaventura is now accessible which is good news. Cartagena and Santa Marta, the two most popular alternative ports, were not sufficient to fill the gap and as a result shipments from Colombia in May were 50% less than normal. In Brazil, continued dry weather is assisting in the harvest just underway.
We have some RFA Brazil 2/3 available. We just shipped a container of RFA certified Ethiopian Sidamo 4’s as well, though it will take some time to get it here. We have FTO Guatemala waiting on the warehouse to pick up, in addition to some nice RFA/Organic and RFA certified SHG Honduras from our friends at BSR who really do a good job.
How can we help you today?
All the best,
The Armenia Team
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