Arabica Coffee futures remain on the lower part of previous day range. The NY market although supported by a stronger Brazilian real and a bounce in crude oil of almost 2%, was unable to make any gains given that the U.S. labor market data gave the FED reassurance to maintain commitment of fighting inflation. Bearish sentiment was noted, traders are concern that rates may stay higher for longer than anticipated. Dollar index was 0.73% higher right up to the closing bell for Arabica. The most active contract Mar23 settle 75 points lower at 160.55 cents a pound. Volume was lighter with 33,734 lots including 9,390 switches. Arabica certs
stocks increased by 7,388 bags to 820,540 bags. Pending grading: 218,645. Passed 7,588. Failed 9,501.
Robusta MAR23 contract settled at $1832 -41 with a 1875/1826 range. Low volume day with on 5k lots trading on the H3 contract. Origin selling was noted but much lighter than previous sessions. So really a mix of weak spec longs liquidating, and small origin sellers were the main drivers lower. Mar/May softened which was expected with how flat price traded. Range 28/36 on less than 1k lots. Mar23 1800/1650 put spread traded 250x @ 31.