Coffee Futures—Coffee futures in the July contract is trading lower for the 2nd consecutive trading session down another 295 points at 90.00 a pound hitting a 14 year low as increased supplies are to blame.
Coffee at the current time is probably the most bearish commodity as it continually grinds lower on a weekly basis as the May contract is trading at 87.50 as it still looks like lower prices are ahead. Coffee is trading far below its 20 and 100 day moving average as clearly the trend is to the downside as fundamentally and technically speaking there is nothing bullish about coffee at this time due to the fact of over supplies and weak demand.
The next major level of support is around the 85.00 area and if that is broken there is the possibility we could go as low as 75.00 as a bottoming out chart pattern has not formed yet.
The Brazilian Real has hit a 2 week low against the U.S dollar as that also has a negative effect on prices as ideal weather conditions in the countries of Brazil and Vietnam should produce excellent crops once again in 2019.
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