Morgan Stanley Coffee Report Feb 19, 2016

A tranquil session in the outrights as the volume and action was biased to  Mar/May ahead of tonight’s notices.  May traded in a  165 point (11705-11540) inside range and closed the day with a minor loss of 50 points, a 3rd day in the red, all told tallying an unremarkable 140 points.  Mar/May changed hands 10,761 times between -235 and -160 under and ended the day at 200 under, essentially where it has been trading for the past 3 weeks.  Open interest stood at 9,323 lots entering the day.  It will be especially interesting to see if there is a standout willing to take delivery in light of the current appetite for certified stocks.  The real fell to 1.24% to 4.04$/r, in reaction to yesterday’s S and P downgrade but Brazil was in absentia in the coffee market.