KC (122.55, -1.15) started the day with quiet trading around unchanged, slipped ever so slightly as the Americas day began, and then returned to their upward trajectory on the back of what appeared to be spec short covering – with a bit of a roaster assist. However, Brazil selling began to arrive, in admittedly shy manner to start, and by the time it was announced that Petrobras CEO had resigned the low was in. More sizeable origin offers were scaled in towards the day’s high, yet as is often the case the opportunity had passed for the moment. Sentiment seemed to swing with the price and traders who were reevaluating their upside targets in the morning sounded something approaching bearish by the end of the day. Nonetheless, the month begins with a higher high, higher low, and with the market settled comfortably above the 100MA. Interesting if flat price irrelevant were the 108 AA’s passed in the March 2021 contract. Robusta closed 1750, -2 in the first day of trading with N as the spot month. May deliveries totaled their largest amount (6871 lots) in 7 years.
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