Morgan Stanley Coffee Report - April 13'18

Coffee posted a historically futile session, settling down 25 points at 120.00.  The 95 point range on the day was only the 4th time in the last 10 years that KC traded a sub 1c range, only a tick better than the 90 point low water mark for volatility.  Action centered on the roll as the 5th day of the index roll came and went with the smallest KN volume of the period.  4410 K EFS also posted, yet OI in May remains impressive.  N/U weakened a tick while changing hands better than 4k times.  Robusta featured uninspiring volume, 1736 +2, yet spreads were active yet steady.