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Daily coffee Commentary- June 1, 2021

6/2/2021

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​Arabica coffee futures for July delivery settled 130 points lower at 161.05 cents a pound. The market posted early a 4-1/2 year high at 166.75, on short covering following more news during the weekend about the worst dry spell in 91 years that could affect agricultural crops and the electricity generation in Brazil. Lack of follow through and over bought conditions prompted speculative profit taking. The brazil’s real rose more than 1 % after economic data showed a recuperation to pre-pandemic levels with the GDP increasing 1.2 % in Q1 for third consecutive quarter. The Colombian peso rose 1.1% helped by higher oil prices. Coffee exporters hope the roadblocks are lifted soon as the government and the organizers of the strike agreed today. Certified stocks decreased 770 bags to 2,075,018 bags. Pending increased 16,165 bags to 144,417. A total of 5,796 were graded today. Passed 250 bags. Failed 5,546. The Robusta market starts the month amid a volatile tone as non-commercial buying continues to erode heavy origin pressure noted on spikes. Following a three-day weekend, origin pressure accumulated and was highly visible through the premarket, which encouraged values to open $9 lower and swiftly test $1563 basis July21. However, the early pressure failed to attract a fresh element of selling as values held above the previous breakout point at $1557, prompting a firm reversal establishing a new yearly high at $1619. The final stages of the day saw values soften slightly driven by loses observed in the U.S. but leaving the bullish technical backdrop firmly intact.
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  • Home
  • Our Coffees
    • Montreal 'Spot' Offerings
    • New York 'Spot' Offerings
  • Our History
  • About N J Douek
    • About Uniglobe Coffee
    • Some of our services
    • Meet some of our team
    • Our Cupping Room/Offices
  • Coffee Commentaries
  • Price charts
  • Contact Us
  • Accueil
  • Useful Info
  • Notre histoire
  • Nos cafés
    • Nos cafés à Montréal
    • Nos cafés à New York
  • À propos de N J Douek
    • Certains de nos Services
    • Rencontrez notre equipe
  • Notre labo
  • Nouvelles
  • Nous contacter
  • Informations Utiles
  • Chartes de prix