Arabica, 118.95 +.80, stumbled out the gate, suffering an early European session in quiet trading. The dollar appeared to be a weight on the market, however fortunes changed at 8:15am EDT as the DXY turned lower providing support. Origin and speculative commercial selling was attracted as prices moved higher, most notably featuring an explosion of 1000+ lots of buying around 10:45am. The BRL slipped behind technical selling, yet with KC ignoring the indicator the Brazilians were the beneficiary of the best prices in BRLxKC2 terms seen in 28 trading days. Options seemed primed for an eventful day, yet in the end the N 130 Call was the story, with paper buying 900 delta neutral. Robusta gained $47 to close 1735, settling a mere $2 off the high. Prices closely tracked KC on the day, and K/N continued to gain steam, $5 firmer at -22 while trading nearly 4000x.
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