Morgan Stanley Coffee Report - February 20'18

KC spent the day in a 150 point range settling KCK 20 points off the low at 119.70, down .75 points.  The opening minute alone saw the low print for the day and a one cent 119.50-120.50 range, posting a second consecutive contract low.  Brazil was noted selling in what appeared a case of throwing in the towel in a market that has struggled to maintain any rallies. There were 1,018 notices issued on First Notice day, all through one clearing house while the main stopper received 848 lots through the same fcm.  The arb widened by a cent as London outperformed, bouncing off of a fourth session of lower lows as technical buying emerged and short term specs attempted some bottom picking.