|NY May-14 c/lb||191.40||191.55||185.50||174.15||171.15|
|Lon May-14 $/t||2159||2135||2090||2037||2038|
Coffee Prices, Futures and Currency close levels:
COFFEE MARKET NEWS 17th March – 21st March 2014
Arabica: What a contrast to the previous few weeks – this week we saw the worst weekly performance in a spot month since 1999. Certainly neither market had a buyer higher. Origin selling in both markets was again present at the highs; however, it was the specs who were more the sellers at the lows.
Robusta: The market began to feel oversold and attracted some buying support although the impact was not immediately seen. In the news today a large multinational were reporting less offers in the physical market as the recent decline in futures price meant a less attractive level for domestic sellers
GBP/USD pushed to a high of $1.6520 but was unable to maintain gains in later trading. Meanwhile, EUR/USD managed to reverse a small element of recent losses pushing to a high of $1.3811.
Brazil: coffee futures on ICE fell sharply on Thursday from last week’s two-year high as rains in Brazil raised the possibility that drought-driven crop losses may not be as severe as feared. “It tends to be that in these kinds of bad weather events everyone automatically goes to your worst-case scenario but recently we’ve had a bit of rain and better weather,” Tom Pugh, commodities economist with Capital Economics, said.
Guatemala: Most growers reducing their exporting volumes by around 30%, regarding to Roya problem, just some of them are still picking coffee.
Nicaragua: export from Nicaragua rose 24.8 % in February from the same period last year to reach 147,312 60kg bags, the country’s national export association, Cetrex, said on Monday. Despite the increase, Nicaragua, Central America’s No. 3 coffee exporter after Honduras and Guatemala, shipped only 336,422 60-kilogram bags during the first five months of the 2013/14 season, Cetrex said, down 47.3 percent from the same five-month period last year.
Kenya: Sale 16 saw softer levels, outright and differentially. Less top qualities offered. Over 30% of the total 27,000 bags for sale carried some sort of certification. Good and timely rains keep falling. Next auction with 25,000 bags. At best some moderate overseas interest for better lots seen.
Indonesia: Beans still fetching high premiums on renewed concerns about weather ahead of the new harvest, dealers said on Thursday. The fly crop, or minor crop, is underway in Indonesia’s main growing island of Sumatra, but the poor quality blamed on erratic weather has prompted sellers to mix the beans with those from last year’s harvest. The main crop may start in April.