Bullish Coffee Production Numbers Spur Prices Higher

02 Sep in Blog, Cocoa futures, coffee futures trading, commodity consultation, commodity trading, cotton futures, lumber futures, Michael Seery, milk futures, orange juice futures, Seery Futures.com, sugar futures

Coffee Futures--- Coffee futures in the December contract settled last Friday in New York at 144.85 a pound while currently trading at 151.60 trading higher for the 7th consecutive trading session breaking out to a 5 week high as I'm currently sitting on the sidelines in this market as the chart structure is poor therefore the monetary risk is too high. The main reason for the recent rally is based upon the President of Brazil being removed from office therefore spurring demand in theory coupled with the fact of lower world production numbers rumored sending prices higher as the new bullish trend is higher.

Coffee prices are trading above their 20 & 100 day moving averages telling you that the short-term trend is higher as the next major level of resistance is around the 158 level which was hit in July and if you have read any of my previous blogs you understand that I have had a bullish bias to the upside as I still think historically speaking coffee prices look cheap.

If you already have a bullish futures position I would place your stop loss under the 10 day low which stands at 141 risking around $4,300 per contract as I will be waiting for some type of price pull back to enter as then the monetary risk will be lowered as this sleeping giant has awoken again. TREND: HIGHER–CHART STRUCTURE: POOR

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