Arabica ICE Coffee Futures for December delivery closed with no change at 117.75 cents per pound after trading 68,492
lots. However, the focus was on the switch between December and March. Switch volume reached 25,308, leaving futures volume at 17,876 lots. The December-March structure reached a low of -3.60, at the close. The March delivery contract closed 20 points higher at 121.35 cents per pound. Open interest figures for Friday showed an increase of 1,705 lots. The December contract held 73,267 open positions while the March contract held 64,098. Total open interest reached 199,879 lots.
The COT report for last week showed an increase in shorts for managed money, while commercial participants grew their long position. It will be interesting comparing the open position for managed money, since we are in the position roll-over period, and merchants prepare for first notice day on November 19 th on the next COT report.
In weather news, SOMAR, forecasts that although rains will dwindle and temperatures will rise throughout the week, a cold front moves down the coast of Brazil next week, brining extensive and intense rains, especially to coffee producing regions of Bahia.