january 20, 2022.

Arabica coffee futures for March delivery settled 20 points higher at 154.80 cents a pound. The activity was dominated by spreads trading. The volume was moderate reaching 27,879 lots boosted by 8,021 switches. As the forward curve gains contango, the spreads attract more speculative participation. The most active March – May spread fell to 95 points discount level, coming from a premium reached last September of 570 points when prices of the forward curve were in backwardation. During the week, the “C” market recovered 3.10 cents. Bullish fundamentals and the technical performance triggered some the speculative short covering. The advance was slowed down as original sales began to appear before the peak of sales season. Certs stocks declined 7,939 bags to 851,625. Pending grading down 19,482 bags to 63,160. Grading today 21,037. Passed  
4,281 (24%), failed 16,756 (76% ) .  
 
Robusta MAR23 contract settled at $1944 +26 with a 1947/1911 range. Robusta continues to test new 12- week highs fast approaching key technical resistance levels at 1959. The absence of origin selling that has been so persistent over the last couples of months has allowed Robusta to have some sort of meaningful correction from the drop in early Oct 22. Volumes remain on the low side with 8k lots trading on the most liquid contract. Mar/May continues to hold the mid 30’s level seeing a range of 33/36 on 2.6k lots. Mar23 1675 put traded 2000x @ 2.