November 8, 2022.

​Arabica coffee futures closed lower again as selling by speculators and traders continued to put pressure on prices. The most active contract for December delivery closed 410 points lower at 166.45 cents a pound. The selling mostly against the spot position reflected producers' fixing contracts before the start of deliveries for the December contract on November 21st. At the same time solid selling of the near December/March switch added weight on the market. This switch lost 2.20 cents premium to finish at 2.30 cent near the lows for this structure. A large volume of coffee entering ICE warehouses for certification has fueled the bearish sentiment recently. Today the certified stocks increased by 20,079 bags to 426,717 bags. The pending grading increased by 48,922 bags for a total of 204,774 bags. A total of 28,040 bags were graded today, 20,329 passed and 7,711 bags failed. Robusta JAN23 contract settled at $1831 -20 with a 1868/1827 range. Another day of lower highs and lower lows. Still within recent range of 1815/1900. Spec selling into little commercial buying prompted by specs also selling Arabica. Volumes have almost halved over the last few days with just over 5.7klots trading on the most active contract. Jan/Mar saw a 13/19 range on <2k lots. Traded 250x @ 5 Jan23 2200 calls vs 1832Δ4.