Coffee Prices Near A 3 Week Low
Coffee Futures—Coffee futures in the July contract is sharply lower for the 2nd consecutive session down another 455 points at 152.90 a pound as prices are right near a 3 week low.
Coffee prices are now trading below their 20 day but still above their 100 day moving average as the trend is mixed as many agricultural commodities are sharply lower today as weather conditions have improved. Fundamentally speaking Safras & Mercado that Brazil’s 2021/22 arabica coffee sales were 43% complete as of June 8, which is faster than last year’s comparable figure of 37% and the 5-year average of 27%.
Another bearish factor for arabica coffee was Friday’s -1.17% sell-off in the Brazilian real (^USDBRL), which fell back from Monday’s 6-month high. The weaker real encourages export selling by Brazil’s coffee producers.
TREND: MIXED
CHART STRUCTURE: SOLID
VOLATILITY: HIGH
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Source: https://www.seeryfutures.com/coffee-prices-near-a-3-week-low-2/
