Coffee Futures—Coffee futures in the May contract is slightly lower this Wednesday afternoon in New York down 35 points at 125.25 a pound breaking a 5 day winning streak as prices are still hovering right at a 2 1/2 month high.
Fundamentally speaking coffee prices have rallied on concerns about supply disruptions in South America. Brazil’s Sao Paulo state will begin a 15-day quarantine starting Tuesday, Columbia put its entire population on a 3-week lockdown, and El Salvador ordered the closure of all non-essential businesses through April 3.
Last Friday, coffee-trader Volcafe told clients that the coronavirus pandemic is causing logistical hold ups that will become “more widespread” in major coffee-producing countries, which may delay coffee shipments to ports and other transport operations.
TREND: HIGHER
CHART STRUCTURE: POOR
VOLATILITY: HIGH
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