It’s a rainy summer morning here in the Northeast. Rain we can really use. We’re hoping it lasts the day.
Last weeks terminal action was almost the exact opposite of the week before, as it went down steadily almost ever day of the week. FND in September comes on Tuesday and it felt like origin had a little more to do than roasters did, though action in Sept lead to an OI coming in this morning of 13,463 lots still considerable. It will be much lower by the end of the day today.
The Brazilian Real and the Colombia Peso begin the week a little weaker than early last week at 5.17131 and 4389.8 respectively. Not significantly weaker than last Monday.
ICE stocks were up to 610,680 bags with 228,486 bags pending grading. A good amount of the graded coffees passed grading last week. We’d expect that to continue for the large amount of coffee pending.
The market held intermediate support at 21600 last week in Sept. Now it’s up trying the 200 day moving average near 22600. Looks like there has been a little profit taking so far this morning
there. Breaking that 22600 on a closing basis would bring in spec based buying. Failing would probably spark a drop back to the support level again.
We have some really nice RFA Honduras just came in, can we send you a sample?
All the best,
The Armenia Team