General Comments: Futures were higher again yesterday on a weaker US Dollar. Charts still show that all three markets are in a trading range, with all possibly trying to complete a bottom. There is more and more talk that the market is getting ready to rally in New York after all the selling seen in the past months. Current crop development is good this year in Brazil, and production areas are getting beneficial rain for the developing crop. Central America crops are getting harvested, and conditions are called good there. There are widespread reports of rust on the trees and leaves, and Roya has become a big issue as well. It is possible that many Central America and Mexico producers will harvest much less Coffee next year if they are affected by this disease, and many seem to be affected. We are already hearing significant loss estimates for the next crop due to Roya. Colombia is reported to have good conditions.
Overnight News: Certified stocks are lower today and are about 2.5898 million bags. The ICO composite price is now 136.90 ct/lb. Brazil should get scattered showers through the weekend. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get mostly dry conditions, but a few showers are possible in southern Mexico and northern Central America. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed to up with objectives of 158.00, 1609.00, and 170.00 March. Support is at 149.00, 146.00, and 143.00 March, and resistance is at 155.00, 157.00, and 160.00 March. Trends in London are mixed to up with objectives of 2100 and 2290 March. Support is at 1910, 1900, and 1870 March, and resistance is at 1945, 1975, and 1990 March. Trends in Sao Paulo are up with objectives of 191.00 and 199.00 March. Support is at 187.00, 184.50, and 183.50 March, and resistance is at 190.00, 190.50, and 199.00 March.
General Comments: Futures closed a little higher in consolidation trading. The market found support despite news from Brazil of increased production. Production has been strong in Brazil so far this year, so a big production estimate had been expected. Futures are in a trading range, but trends are turning down. News of any kind remains hard for the traders to find. There was no demand news to support values. Big Brazil production remains negative to prices, and traders know that Indian and Thai production is in the market, too. Conditions still look good for many production areas. The Thai crushing season is underway with good production expected, but the crushing pace is called slow right now. Brazil production continues strong.
Overnight News: Scattered and light showers are expected in Brazil through the weekend. Temperatures should be near to above normal
Chart Trends: Trends in New York are mixed to up with objectives of 1950, 2000, and 2050 March. Support is at 1900, 1880, and 1850 March, and resistance is at 1925, 1945, and 1960 March. Trends in London are mixed. Support is at 507.00, 502.00, and 500.00 March, and resistance is at 516.00, 520.00, and 524.00 March.
General Comments: Futures closed higher again in consolidation trading. A much weaker US Dollar helped support values. Good arrivals in Africa are negative and are continuing. Ivory Coast arrivals are strong, and the trend for strong arrivals from there should continue. Ivory Coast arrivals are now estimated at 809,000 tons, from 728,000 tons last year. Ghana producers are reported to be selling as well. Malaysia and Indonesia crops appear to be in good condition and weather is called favorable. Overall weather patterns in West Africa production areas are good for harvest progress. Demand is reported weaker from the US and Europe, in part due to current economics and in part due to changes forced by the World Bank that encouraged forward marketing of the crops. The market needs some demand news or some other news to shake it out of the sideways to lower trade, but for now it looks like a sideways trade is trying to develop.
Overnight News: Mostly dry conditions are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of scattered showers. Temperatures should average near normal. Brazil will get dry conditions and warm temperatures. ICE certified stocks are sharply higher today at 3.864 million bags.
Chart Trends: Trends in New York are mixed. Support is at 2235, 2205, and 2195 March, with resistance at 2275, 2290, and 2325 March. Trends in London are mixed. Support is at 1430, 1410, and 1405 March, with resistance at 1450, 1455, and 1490 March.