march 14,2023

Arabica coffee futures volume was noticeably low, with a total of 23,484 lots traded including 5,523 switches, making it the lowest this year. The May23 contract settle 375 points lower at 175.45 cents a pound. Resistance below the 8-day moving average today at 178.20 was noted from the opening bell, The NY market keeps the lateral move consolidating in the resent range of 170/181. The waters calmed a bit overnight ahead of this morning’s inflation data release. The consumer price index data came in pretty much as expected this morning, allowing Wall Street to give a big sigh of relief. Inflation is still a problem, but at least there weren’t any more surprises. The next two data announcements are the U.S. PPI and jobless claims on Wednesday and Thursday, respectively. Certified stocks increase by 2,875 bags to 785,577 bags: pending grading decreases by 3,350 bags to 9,683 bags. Grading today: 3,350 bags. Passed 2,875 bags. Failed 475.
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Robusta MAY23 contract settled at $2080 -33 with a 2112/2079 range. Weak performance in Arabica dragged Robusta below recent lows. Commercial activity was light and more weighted to the sell side. Key technical support seen at 2068 base May23, a break blow that would trigger spec selling. Volumes remain low with 9k lots traded on the May23 contract, The switch May/Jul had an 8/11 range on 1.6k lots. May23 2200 calls vs 2098Δ26 traded 650x @ 26.