A warm and happy Monday here in the Northeast.
Summer is well underway, time for iced coffee or a cold brew!
Looking back at last week’s trading again we were disappointed in the results. The market’s closing on Friday the 6th with a classic reversal pattern, it should have meant good things were coming in the form of a bit of a rally, truly needed to cure the oversold, and perhaps bring some coffee to the market.
While the week started out that way it quickly lost all momentum right away and once again continued the slow decline. Once we broke 112.30 support, the market gave up and any new long positions added on the plus chart formation were quickly jettisoned and away we went. Also added was August options expiry and about 1200 110.00 puts were enough to bring us back to within shouting distance of the recent move low set on the reversal day, signaling a complete reversal of the reversal. UGH!
The physical market continues to struggle. In most of the major producers, sellers aren’t chasing the market lower, bringing us to widening diffs which roasters shrug off. A corrective rally might bring buyers and sellers closer together on differential, but as above that’s easier said than done.
We have a fresh container of Supremo 17/18 just arrived here in New York will soon go into Continental to be stripped. We additionally have some nice fresh deliveries of Tarrazu, Antigua, Yirgacheffe and Sumatra – happy to send a sample if you’d like to have them, please let us know.
Little “shout out” to our Joe Coniglio, who tied the knot with his long-term girlfriend this weekend. Join me in wishing them all the happiness that the future can hold.
That means it’s just me here if you have interest in anything please let me know.
All the best
John – and Joe, in spirit if not in presence, though he may have a crop report on the Hawaiian 2019 potential soon!