Morning Commentary for Oct.28 (by Alonso Thomas)

    Good Morning!!  The coffee market seems to have at least for now, stopped going down and is showing some signs of short term consolidation. The active selling from producers and long liquidation from speculators has eased and prices have stabilized near the 190.00 area.  Relatively speaking, in comparison to other commodities, coffee’s weakness was minor as the market also held up well on the news of rains over the weekend, with more rains forecast this week.  The short term technical action remains weak, but there seems to be less aggressive sellers in play. The long term supply fundamentals remain bullish, and buyers can wait for some more stability and consolidation before looking at entry levels. December support comes in near the 185-186 levels, with key support at the 200.85.