Morgan Stanley Coffee Report

 
A blasé day in the outrights as KC traded in a 160 point range holding yesterday’s low by 10 points but not attracting any upward momentum.  The dollar weakened further which provided support to the CRB, despite the New York and Atlanta’s Fed Presidents stating that they cannot rule out a September rate hike. And while the CRB had its third session of higher high’s and low’s, London coffee fell by $26 whilst suffering it’s 6th  session of lower lows.  Open interest in New York fell by 3,569 and with September o.i. standing at 24,614 lots, with a week until first notice day, few are looking for a rabbit to be pulled out of the hat.  A stronger real and a weaker dollar, theoretically supportive, but in reality both coffee markets opted to detach