november 21, 2022.
Arabica coffee futures settled higher Monday after the beginning of the delivery period relieved the origin selling pressure. The most active contract for March delivery closed 530 points higher at 160.40 cents a pound. The bullish sentiment was fueled too after another increment of the net short position held by the non-commercials suggested they will not add more shorts for the moment. Volume declined to 30,415 lots including 7,156 switches. The near holiday keeps the activity slow. The New York market will be closed on Thursday in observance of the Thanksgiving holiday. The certs increased by 15,380 bags to 513,189 bags. Pending grading 560,828 bags. Grading today 17,835 bags. Passed 15,700, failed 2,135. The markets will be looking for signals of the future interest rate hikes from the FED as it releases the acts from the last policy meeting of Nov1-2 this Wednesday.
Robusta JAN23 contract settled at $1812 +1 with a 1819/1793 range. Very quiet day with Robusta struggling to gain any traction in either direction and even with Arabica UP 5+ cents It could not manage to break above Fridays high. Origin was certainly a headwind to any kind of rally today with Viet selling present but not in the same volumes as last week. JAN/MAR had a very sluggish day with ,1k lots trading between 15/25. May23 1700 puts vs 1770Δ36 traded 1000x
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