Morgan Stanley Coffee Report - December 19/17

December went off the board yesterday, so those who follow the 2nd month continuation chart see a fourth day of higher highs and fifth of higher lows. On the other hand, the front month March chart shows a lower high and low trading in all of a 145 point range settling at 12175 down 15 points.  Not a whole lot to write about today’s (in)action as volatility faded, the range band matched that of the day before Thanksgiving, and the market felt as if it wanted to go into early holiday mode.   Given the tight range, volume was a respectable 23,827 lots while 5,804 spreads traded around unchanged.  London traded in a $26 range with  the January contract ending the day $10 softer, while 5,283 F/H changed hands between 3 under and 4 over.