Morgan Stanley Coffee Report

Not much to wax poetic about a 110 point inside session at the bottom end of the recent range. Following Thursday’s sharp sell off one can best describe today’s (in) action as low level, low volume consolidation.  To underscore the lack of intraday volatility the high of 12390 traded at  7:59am and the low print of 12280 was posted at 8:11 am while the rest of day prices congested around the 50,100 and 200 day moving averages of 12386 and 12238 and 12396 respectively.  Catalysts went lacking as the COT report was basically in line with expectations (funds net long 5,495 lots), the real  traded sideways in the tightest range traded since the 15th of February and the CRB was a mixed bag with a net change of .13% at print.  Short term specs nibbled at the lower end of the range but support was lukewarm at best.