Coffee Futures—Coffee futures are trading slightly lower for the 2nd consecutive session down 45 points at 90.15 a pound still looking to test the contract low which was hit on April 17th at 89.00 in my opinion. Coffee prices have been stuck in a 3 week consolidation looking to break out as the downtrend line remains intact as the entire soft commodity sector remains bearish as I have several recommendations including short positions in sugar and cotton.
Coffee prices are at a 14 year low, however the chart structure is outstanding as this market could quickly turn bullish if some type of positive fundamental news came about.
The 4 week high currently stands at 97.30 as that is how tight the trading range has been trading over the last month or so, however if 89.00 is broken you would have to think that there’s a possibility we could touch the 80 level in the coming weeks ahead.
Coffee fundamentals are starting to improve as carryover levels were lowered by the International Coffee Organization as this market has absorbed a lot of poor fundamental as farmers are having a difficult time making money at these extremely depressed prices.
TREND: LOWER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
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