december 28, 2022.

​Arabica coffee futures had appeared to become exhausted to start the week, returning most of the gains from last week on yesterday’s long liquidation session. The NY market continued to hold above the 20 day moving averages today during the early hours. After no fuel was added on the shorts and the Brazilian Real recover some strength, Arabica slowly started gaining ground to the upside discovering fresh buys after breaching 171.60 triggering the march contract pass all resistance levels and breaching the December 1st high of 174.35.  New target points at 178.20 a two-month high as Arabica starts to drive into overbought territory on the daily chart. The most active contract Mar23 gained 660 points to settle at 173.55 cents a pound. Volume was light to moderate with 26,622 lots traded including 5,324 switches. Arabica certs stocks increased by 10,750 bags to 797,755 bags. Pending grading: 257,153. Grading: 15,042 Passed 11,536. Failed 3,506.
 
Robusta MAR23 contract settled at $1869 -6 with a 1889/1853 range. Choppy day between key technical levels. Origin activity was present and more aggressive than previous sessions. Market continues to operate in a 1850/1890 range. As expect for the time of year volumes were on the low side with only 7.3k contracts trading on the most active month. No notable option activity. Story remains the same any spec buying / short covering runs into a thick layer of origin selling.