Morgan Stanley Coffee Report

Not much remarkable today  as New York meandered about in a 225 point range on either side of unchanged, and, if you blinked, you would have missed the opportunity to buy a brief dip below 140.  Spread volume picked up as  7,000 Sep/Dec changed hands between 330 and 345 under and another 3,300 Dec/Mar traded between 310 and 295 under.  The pace of Brazil’s harvest naturally quickens with Brazil’s largest coop claiming 68% harvested versus 53% a year earlier.   The dollar was weaker on the day as the Federal Reserve Bank chairman of Chicago mentioned that he believes perhaps one rate increase could be appropriate before year end.  The CRB was a mixed bag yet crude oil rallied over 3% as news that U.S. gasoline stockpiles declined the most since April last week outweighed an unexpected gain in crude inventories.