May 31,2023.

Arabica coffee futures closed higher on Wednesday due to speculative short covering. The contract with most of activity for July delivery closed 155 points higher at 178.65 cents a pound. Short-term speculator selling at the beginning of the session failed to attract good participation, thus generating short covering. The open interest increased 2,351 lots as of yesterday evidencing the new shorts. Prices in oversold terrain and near the 175-support level, encouraged the action. Commodity markets were under pressure due to the strength of the dollar and the weakness of the energy complex. The Brent oil lost 1.0% trading at $72.00 a barrel. Latin American currencies devaluated, with the real falling to the lows of the last two months to BRL 5.1273, as well as the Colombian peso which fell to COP 4.453. The certified stocks fell by 9,116 bags to 583,518 bags. Pending grading 0.
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Robusta Jul23 contract settled at $2520 unchanged with a 2564/2536 range. Slow day with very little volatility. Speculative activity was almost non-existent, light origin selling was seen early in the session but not aggressive. Basis 2nd month the psychological 2500 remains firm support. Jul/Sep continues to operate with in the recent range eventually settling unchanged at +36. Jul23 2250 put traded 350x @ 4.