Arabica coffee futures gave up ground to make new lows at 180.60 on the Jul23 contract, levels not seen since April 10. The “C” market drives back into oversold territory in the stochastics as the dollar continues to make new highs also at levels from a month ago on April 3. The volume was noted below the 183.00 level, reaching a total of 43,558 lots including 12,153 switches. The settlement possibly pointed out mixed signals as it settled below the 200-day moving average but with a significant bounce, ending with a minimum change of 15 points lower at 182.85 cents per pound for the Jul23 contract. Stocks turned lower on weaker consumer sentiment data released today. Consumer sentiment tumbled 9% to 57.7 in today's preliminary data release, showing escalated worries about the economy amid an increase in headlines about regional bank failures and the debt crisis standoff in Washington. Arabica certified stocks decrease 1,650 bags to 644,735 bags. Pending grading 0.
Robusta Jul23 contract settled at $2432 +39 with a 2449/2385 range. Volatile day but market found support after yesterday’s strong sell off. Commercial activity was present but not aggressive, scale down roaster buying was seen. Price action today had the hallmarks of spec Arb selling towards the close (sell NY buy LDN). Spreads also rallied with Jul/Sep seeing a 18/26 range on 4.3k lots settling higher at +22. Sep23 2450 calls vs 2395Δ44 traded 1200x @ 103, CSO - ICEU - Jul23/Sep23 0 put traded 1000x @ 6.