Good morning all,
Happy longest day of the year. We hope you had a wonderful weekend with celebrations of Dad’s and their contributions to our lives. As a family-owned company celebrating 65 years, we can tell you, Dad’s have played a strong role in our lives.
Market continued its march lower last week. Owing to the new Juneteenth holiday just recently passed by Congress and signed by the President, federal workers were given Friday off this year, and that means we won’t get the commitment of traders report until this afternoon.
What was interesting about the previous week’s report was not just that long funds had bought more but, short funds actually added to their positions as well. This time we’re anticipating that long funds sold some and short funds would have added. Early in the week the 5-day MA crossed through the 21-day average, a sign for some to start selling. Origin has been way ahead of roaster and we expect roasters will look to make a stand in the market at some point we’ll see fund selling to trade buying, a flip of what we’ve seen recently.
The weak dollar was a factor in trading this week and at one point, the Brazilian Real actually fell under 5.0 for the first time in some time. Weakness was fueled by comments of some fed managers that interest rates may start to rise sooner than expected. It’s back at 5.03739 as we write this. The Colombian Peso is at 3759.1
ICE warehouse stocks grew to their highest level this year at 2,162,757 bags with Brazil now at 1,151,076.
We’ve had some interesting coffees for you to consider. Just shipped and expected to arrive in early July we have a women’s centered FTO Colombian Excelso EP. We have very nice RFA certified Guatemala SHB EP and Honduras SHG EP just arrived, as well as an FTO Honduras SHG EP from our friends at Beneficio Santa Rosa which we cupped last week, and we scored an 86. We also have currently an RFA/Organic SHG Honduras in Continental as well, also from BSR.
We’d love to help if we can, you just have to tell us how.
All the best,
The Armenia Team
6-21-2021 Armenia Coffee Report
Good morning all,