May Arabica closed 127.85, +1.10, while May Robusta was unable to keep pace en route to a positive 1345, +16 close. Day 1 of the index roll saw the expected focus on spreads as outright trading in the front two months came in 4100 lots (27%) below the 2 week average, yet total volume shined thanks to 29k spreads, the second most since Feb 11th, slightly behind Tuesday’s activity. OI & trading activity both remains focused in the May contract for the moment, though this should change in the next couple days. KC didn’t quite manage a 2c range, spending the early hours in quiet ascent, bottoming out with the BRL at its weakest point of the day around 10:20am EDT, while chopping its way higher. Traders seemed fairly disinterested overall, focused on the roll and lacking motivation with prices off the lows but still just off the lower end of the core range. On the option front the structure (N -1.90 C 2000x, 1850 of them via the -1.90 C/ -2.10 P fence) and K 130 C (1378x, settled 47) were the focus of the day, the latter boosted by tomorrow’s May option expiration. OI entered the day at 4528 lots in the strike. Brazil certs declined 1300 bags of a total 5897 bag dip, the first decline since March 18th’s 325 bags and more than doubling the 570 bags that had made up the 3 prior days of net Brazil draws going back to the beginning of this year’s grading campaign.
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