Our thoughts and prayers are with our friends in Louisiana and Mississippi as they weather the wrath of Hurricane Ida. Please do what you can to stay safe.
We’re expecting a visit from a weakened but still strong Ida ourselves on Wednesday. We’d tell you now to work around things being set back if we get the rains and wind we’re expecting. Remember the old saw of proper prior planning, one of my Dad’s favorites.
The market went up in steps during the week that was. Volume was down from previous weeks, leading us to believe the path of least resistance, so to speak, is up right now. The market ran through upside resistance at 19000 and our favorite indicator the 21 day moving average crossed through the 5 on Thursday to give us a go long signal.
The COT issued Friday for trading as of Tuesday showed funds not doing very much at all. Long funds bought 153 lots to stand 52,258 lots long and short funds sold 316 lots to stand 16,282 lots short. Trade mostly sold, probably adding back some hedges lifted before the cold weather was expected.
ICE warehouse stocks stood at 2,166,001 bags of which 1,153,510 were Brazil and of those, 853,784 were in Antwerp.
Logistics are still a nightmare, especially from Indonesia and Vietnam.
We have some new Organic Colombia in the warehouse. We’ll have some wet/polished Vietnam Robusta arriving on the 12th of Sept and some RFA Sidamo Grade 4 expected to arrive on the 17th of Sept.
How can we help you today?
All the best,
The Armenia Team