Long liquidation - still no new shorts as longs opted to take profit yesterday and origin still waiting to see how high we can go. Market now will be consolidating between 180 and 195 looking for direction. A break above will take us to 206-207, a break below down to 170.Yesterday 10k bags showed up in pending grading split between Antwerp and Hamburg. Will watch if more coffee continues to come in could take some air out of the spreads which have stalled recently. Equity markets came under pressure today after inflation data came out higher than expected. January PCE index +5.4% year over year, market consensus was +5.0%. U.S. 10 Year yields are trading today at 3.95%, well above the January low of 3.374%. Robusta MAY23 contract settled at $2151 -10 with a 2174/2134 range. Choppy day with no clear direction, lower high & lower low. Spreads remain firm, MAY/JUL had a 11/14 range on 2.5k lots. Flat price volume was also low with only 7.4k lots traded on the most liquid contract May23 .No notable option trades.
Certified stocks for today stand at 800,137 bags, pending 10,412 bags. There was no grading today.
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