february 8,2023.

Arabica coffee futures settled modestly lower as participants opted to wait for any fundamental or technical development that gives a clearer direction to the prices. The market has been trading inside a range with resistance at 180 and support at 170 for the last four sessions. The most active contract for March delivery settled 145 points lower at 175.60 cents a pound. The activity remained boosted by spreads trading. Total volume reached 79,603 lots, including 30,510 switches. The nearby March/ May structure attracted hefty participation of algorithm and computer systems. The expiration of the March options on Friday kept the market capped above 175 strikes. Paper bought 1,500 May 190 calls vs. 177.50 delta 0.36. Certified stocks up by 4,555 bags to 891,933. Pending down 9,100 to 3,000 bags. Grading today 9,100. Passed 4,875. Failed 4,225.  
 
Robusta MAY23 contract settled at $2057 -18 with a 2082/2051 range. Another weak test and rejection of the highs with plenty of whipsaw across the daily pivot. Origin light seller in early session, all focused on May and July. Volumes were mid-range, 8k lots of flat price, 2.3k lots of Mar/May. March still has an OI of 32k lots with 10 trading days left. Nov23 1950 puts vs 1988Δ42 traded 1000x @ 120, Mar23 2025 straddle vs sell 2083Δ56 traded 1000x @ 75.