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Robusta Coffee 10-T Jan '19 (RMF19)

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cmdty Insider - Robusta Coffee 10-T Market Commentary


Dec arabica coffee (KCZ18) on Tuesday closed down -0.95 (-0.86%) and Jan ICE robusta coffee (RMZ18) closed up +2 (+0.12%). Arabica and robusta coffee prices both fell to fresh 5-week lows on Tuesday on signs of abundant supplies. Robusta coffee prices were able to shed their losses Tuesday and closed slightly higher as a weak dollar spurred fund short covering. Coffee prices were weighed down by negative carry-over from last Thursday when the USDA's FAS raised its Brazil 2018/19 coffee production estimate to a record 63.4 mln bags (+25% y/y) from a May projection of 60.2 mln bags. The International Coffee Organization (ICO) also projects a global 2017/18 coffee surplus of +1.59 mln bags from a -3.1 mln bag deficit in the 2016/17 season. ICE-monitored coffee inventories continue to climb and rose to a 4-year high of 2.458 mln bags on Monday. In addition, ample rainfall in Minas Gerais, Brazil's largest arabica coffee region, is weighing on coffee prices after Somar Meteorologia reported that rainfall in Minas Gerais totaled 50.7 mm in the past week, or 112% of the historical average. Arabica coffee on Tuesday closed below its 50-day moving average, which may lead to technical selling on Wednesday. A negative factor for robusta coffee prices is increased supply from Vietnam, the world's biggest robusta producer, after Vietnam's Ministry of Agriculture and Rural Development reported Monday that Vietnam Jan-Oct coffee exports rose +21.2% y/y to 1.57 MMT.
  • Coffee Market Commentary

    Dec arabica coffee (KCZ18) on Tuesday closed down -0.95 (-0.86%) and Jan ICE robusta coffee (RMZ18) closed up +2 (+0.12%). Arabica and robusta coffee...

  • Sugar Market Commentary

    March world sugar #11 (SBH19) on Tuesday closed down -0.33 (-2.55%) and March ICE white sugar (SWH19) closed down -6.30 (-1.80%). Both March world sugar...

  • Cocoa Market Commentary

    Dec ICE NY cocoa (CCZ18) on Tuesday closed up +2 (+0.09%) and Dec ICE London cocoa (CAZ18) closed down -25 (-1.55%). Dec NY cocoa and Dec ICE London both...

  • Morning Softs Report 11/13/18

    COTTON General Comments Cotton was lower yesterday in response to the stronger US Dollar and weak demand ideas. Speculators were the best sellers and [...]...

  • Cotton Market Commentary

    Cotton futures are failing to post a Turnaround Tuesday bounce, down 61 to 67 points at midday following an overnight rally attempt. The US dollar index...

  • Cocoa Market Commentary

    Dec ICE NY cocoa (CCZ18) this morning is down -4 (-0.18%) and Dec ICE London cocoa (CAZ18) is down -18 (-1.11%). Dec NY cocoa prices posted a 2-week...

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