The Arabica market (122.05 -50), posted a new high for the move adding to a string of 8 higher highs and lows over the past 9 days. Prices opened up unchanged and rallied to the high of 124.30 at 6:53 a.m. and by 7:40 the low of 120.80 was posted, before most U.S. traders had even manned their ships. Moving averages have been crossing positively almost on a daily basis. On October 9th the 26/40 day crossed, on the 10th the 10/100 day moving averages crossed, the 11th the 20/60 crossed, the 12th the 26 crossed the 50, and today, the 40 day crossed over the 50 day moving average. As the Brazilian real has rallied 13% off of 3 year lows, sugar has rallied 29% off of 11 year lows, and KC to date has seen a 30% advance since its 12 year low of was posted. The biggest intraday pullback since the 95.10 low of September 18th was yesterday’s 255 point dip as the technical breakout continues to engage system and momentum funds as buyers. Robusta scored a new high for the move plus $16 on the day only to retreat and settle at 1775 plus $1 MT.
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