The Brazil Exporters Association Cecafe have reported that the countries green coffee exports for the month of November were 460,000 bags or 14.20% lower than the same month last year, at a total of 2.78 million bags. The bulk of these exports are attributed to arabica coffee exports to a total 2.75 million bags, and following this year’s dismal conilon robusta coffee crop, conilon coffee exports contributed a lower total 30,000 bags, for this month of exports. The March to March contracts arbitrage between the London and New York markets widened yesterday, to register this at 50.03 usc/Lb., while this equates to a 35.30% price discount for the London robusta coffee market. This arbitrage remains an attractive factor for the roasters who have considered robusta coffees to be an opportunist discount component, within their mostly arabica coffee blends. The Certified washed Arabica coffee stocks held against the New York exchange rose by 2,750 bags yesterday; to register these stocks at 1,262,724 bags. There was meanwhile 3,850 bags decrease in the number of bags pending grading for this exchange; to register these pending grading stocks at 12,568 bags. The commodity markets were mixed in trade yesterday, as the US Dollar slipped back against a basket of other major currencies and the oil markets tending softer on the day. It was a positive day for Soybean, Sugar, Gold, Silver and Platinum, although a softer day for for Cocoa, Coffee, Cotton, Copper, Corn, Wheat, Palladium. The Reuters Equal Weight Continuous Commodity Index that is made up from 17 markets is 0.1855% lower; to see this Index registered at 425.869. The day starts with the U.S. Dollar trading at 1.265 to Sterling and 1.077 to the Euro, while North Sea Oil is tending steady and is selling at 51.37 per barrel. LONDON ROBUSTA US$/MT NEW YORK ARABICA USc/Lb. JAN 2030 – 9 DEC 137.90 – 0.05 Kind regards, |
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