Happy Monday to all of our friends who read our report. It’s going to be a typical summer week here in the Northeast, hot and humid. You bring the ice cubes; we’ll bring the coffee.
The short week saw trading entirely below the 200-day moving average with a slight exception on Tuesday, which was the first trading day of the week. Concern about worldwide inflation has the dollar very strong and that has a weakening effect on the C as origins sell as their currencies weaken. As we sit here this morning the Brazilian Real is down to 5.34362 and the Colombia Peso is 4419.4, both very weak.
The COT showed funds didn’t do much during the short week. Long funds sold 50 lots to go to 40351 lots long. Short funds sold 1891 lots to be 4725 lots short. Net/net trade sold about 650 lots.
ICE Stocks slowed their pace a bit now down to 789,981 with the biggest draw down on Friday, it was a decline of 15,096 bags. There are 3200 bags pending grading. There have been a total of 73 notices issued against the July C.
Next support we make around 212.00 and then watch out for 203.85. The way it’s been trading we’d expect to test at least that 212.00 support.
How can we be of help today?
All the best,
The Armenia Team