A quiet session as New York consolidates around 150 and London holds the 1800 level with funds loaded up on the long side and both markets in search of the next cue. The dollar strengthened a tad while pundits speculate that while there shouldn’t be any surprises at the fed’s July 26-27 meeting it is possible that a September rate hike could be in the cards. The CRB complex came under pressure but coffee prices held steady in light of a stable real ($/r 3/24) and forecast call for Friday morning to be “quite chilly” with the possibility of some patchy soft frost in Southern Sul de Minas. Volatility in the real has dropped to a one year low as amidst speculation that Acting President Temer will trim the deficit, restore confidence and end credit rating downgrades. Funds in New York are estimated to be long somewhere in the neighborhood of 40,000 lots, which has gotten in the way of a breakout in either direction, as discretionary traders express reluctance in buying a crowded market at 17 months high’s and a commercial position standing as short as it has been since December of 2014.
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