Morgan Stanley Coffee Report - September 7/17

An unremarkable trading session as N.Y. traded in a sideways pattern of 280 points within the 610 point range of the past 14 sessions.  London  traded an inside session, and it is worth noting that for the first day in seven did not make a lower low.  Open interest in N.Y. fell by only 14 lots on yesterday’s action and as prices hover around two month lows, from whence we bounced, has been attracting discretionary buyers positioning for a possible redux.   Industry nibble away in both markets as a matter of course, whilst origin are in absentia. The most pertinent looming question is what levels can Brazil be expected to sell, especially in light of the real trading at its firmest level since the middle of May.