Arabica coffee futures for March delivery at the ICE exchange settled 50 points or 0.29% higher at 169.05 cents a pound. Activity remained light as predictable ahead of the holiday. Short term specs caused some volatility to the prices as they played both sides of the market. Forecasts of rains for Brazil main producing areas triggered some speculative selling early on the session. The anticipated rains will help to ease concerns after the recent dry and hot weather that have affected the coffee areas. The dollar firmed today putting some pressure on the commodity complex. The crude oil fell 3.0 % as the OPEC+ delayed the Sunday’s meeting that supposedly was to discuss output cuts. The ICE market will be closed tomorrow in observance of the Thanksgiving Holiday. On Friday the market will be open regular hours. Arabica certified stocks unchanged at 290,734, All bags graded today failed a total of 3,365 from Brazil pending grading increase 1,615 now at 17,625.
The active Robusta January settled $33 higher at 2515 after trading inside 2528 -2434 range. The market followed the NY action. After an early weakness speculative buying propelled prices to the higher settlement. Activity was light. Volume reached 20,159 lots, including 5,538 switches. The active structure Jan/Mar firmed again on dealers buying that anticipate a possible similar behavior as the Nov/ Jan. Some delays of the current harvest could boost the structure.