Morgan Stanley coffee report - July 28

Arabica posted Its first loss in three days, settling -0.75 to 109.65.  On lighter volume than the past few days the market started off on a lower to sideways note before steady buying hit the screen at the 7:20am hour taking us to the highs of the day (111.35), a level we haven’t seen in close to three months.  With that said, the market stalled shortly thereafter and retraced three cents before finding willing buyers, waiting for a pullback, that brought us right back to the 110.00 level into the final print. Weak sentiment in the structure continued with U/Z falling 5 points to -2.95 which also coincided with widest levels of the day (-2.95/-2.85).  The DXY finally took a pause after sliding 4.50% the past 19 days while also forming a double bottom in the process  (93.48/93.49). Certs were a non-event, losing 64 at 1,597,688 with pendings remaining unchanged (7451).  Robusta settle lower for the second consecutive day, -$10 at 1336,  as consolidation seems to be apparent after its 15% run higher earlier in the month.