Even by the standards we have become accustomed to, coffee (96.70, +.85) posted a session dominated by the BRL. The market languished just shy below 96c for the bulk of the morning as outright volume turned over ever so slowly. Interestingly crude oil was well matched with KC as well (see chart of the day), which suggests that the BRL may have been driven by the key commodity price to a greater extent than the improved poll position of Haddad. The timing of this correlation, assuming it is something more than coincidence, is notable given the authorship of a Bloomberg opinion piece arguing that the BRL was more likely to be driven by commodity values than politics. It bears watching whether this is more than a one off. If crude can turn the BRL, and the BRL in sequence coffee, the long suffering bulls may have a newly minted hope to hang on to. Robusta closed down $5 at 1487 in the active Nov contract, yet Sept rose $18 in notice period. The final trade / delivery date stands at this coming Monday, with OI still above 2800 lots.
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