Morgan Stanley Coffee Report - August 10

KC (107.65, -20) posted an inside day with 2 spurts of excitement in otherwise drowsy trading.  It’s getting redundant, but KC spent much of the session tracking the currencies, seemingly devoid of other motivation.  The volumes on the day back up the assertion; 39,753 spreads traded on the day implying around 79,500 lots associated while total volume came in at 86,579, allowing for somewhere on the order of 7k lots of outright trading.   For a point of comparison, 12k options traded, the preferred venue for expressing a market view at the moment for many.  Robusta closed the day up 16 at 1671, avoiding some of the deeper recesses that Arabica explored, while following the same general pattern.  The arb closed at 31.85, the tightest levels in a year.