N.J. DOUEK
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Morning Comments by Altico Trade

5/24/2016

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    Good Morning!! July coffee closed sharply lower yesterday and pushed down to the lowest level since May 6th. Fears that the Brazilian harvest will pressure global coffee prices are gaining further traction, with the market now seeing evidence of strong Arabica production in the states of Minas Gerais and Sao Paolo. There is daily rainfall in the forecast for Vietnamese growing regions through the middle of next week, which also weighed on coffee prices as it will provide some relief from the drought conditions seen over the past few months. Outside market forces were also weak and were highlighted by a sharp selloff in the Brazilian currency that could further encourage exporters to market their supplies to foreign customers. ICE exchange coffee stocks fell by 1,043 bags on Monday, and are continuing a trend of falling to new multi-year lows that reflects a positive tone for global demand. Extended wet weather over Vietnam diminishes one of the major bullish supply developments that have supported coffee prices this month, which could set the stage for a retest of the early April low over the near future. Near-term resistance for July coffee is at 126.15 while support is at 119.92 and 117.70.
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  • Home
  • Our Coffees
    • Montreal 'Spot' Offerings
    • New York 'Spot' Offerings
  • Our History
  • About N J Douek
    • Some of our services
    • Meet some of our team
    • Our Cupping Room/Offices
  • Coffee Commentaries
  • Price charts
  • Contact Us
  • Useful Info
  • Accueil
  • Nos cafés
    • Nos cafés à Montréal
    • Nos cafés à New York
  • Notre histoire
  • À propos de N J Douek
    • Certains de nos Services
    • Rencontrez notre equipe
    • Notre labo et bureaux
  • Nous contacter
  • Informations Utiles
  • Chartes de prix