General Comments: Futures were higher in New York on speculative buying tied to short covering, but weakness continues in London. Arabica cash markets seem quiet right now and roasters in the US are showing little interest in buying. However, there is very little on offer and that fact has helped hold prices at current levels. There is talk of increasing offers of Robusta from producers as they apparently did not sell when prices were much higher. However, the Arabica market does not show any real changes. Most sellers, including Brazil, are quiet and waiting for differentials or futures to get stronger, and mostly are waiting for futures to move higher. Buyers are waiting for prices to drop even more, but are interested on cheap differentials. Brazil weather is forecast to show some showers for this week, but no cold weather. Current crop development is still good this year in Brazil. Central America crops are too dry for good new crop flowering. Colombia is reported to have good conditions.
Overnight News: Certified stocks are lower today and are about 2.746 million bags. The ICO composite price is now 121.68 ct/lb. Brazil should get dry weather. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get showers. Temperatures should average near to above normal.
Chart Trends: Trends in New York are mixed. Support is at 125.00, 122.00, and 119.00 July, and resistance is at 130.00, 133.00, and 135.00 July. Trends in London are down with no objectives. Support is at 1830, 1800, and 1770 July, and resistance is at 1870, 1895, and 1920 July. Trends in Sao Paulo are mixed. Support is at 155.00, 153.00, and 150.00 September, and resistance is at 161.50, 166.00, and 170.00 September.
General Comments: Futures closed mixed in consolidation trading. There was no real news for the market, and the price action reflected that reality. The price action overall remains weak and implies that further losses are coming down the road due to coming Brazil supplies. Traders remain bearish on ideas of big supplies, especially from Brazil. Traders in Brazil expect big production as the weather is good. Demand is said to be strong from North Africa and the Middle East, but starting to fade now as needs are getting covered.
Overnight News: Showers are expected in Brazil. Temperatures should average near to above normal. ICE said that 216 delivery notices were posted for Sugar 16.
Chart Trends: Trends in New York are down with objectives of 1620, 1610, and 1570 July. Support is at 1620, 1600, and 1570 July, and resistance is at 1675, 1700, and 1720 July. Trends in London are mixed. Support is at 474.00, 470.00, and 467.00 August, and resistance is at 486.00, 487.00, and 491.00 August.
General Comments: Futures closed with small changes in consolidation trading. There was not a lot of news for the market, and price action reflected this. It looks like the buying was based on the charts as New York futures could not move to new lows and in fact have held at an important area on the charts. But, ideas of weak demand after the recent big rally kept some selling interest around. The weather is good in West Africa, with more moderate temperatures and some rains. The mid-crop harvest is moving to completion, and less than expected production along with smaller beans is reported. Malaysia and Indonesia crops appear to be in good condition and weather is called favorable.
Overnight News: Scattered showers are expected in West Africa. Temperatures will average near to above normal. Malaysia and Indonesia should see episodes of isolated showers. Temperatures should average near normal. Brazil will get mostly dry conditions and warm temperatures. ICE certified stocks are lower today at 5.120 million bags.
Chart Trends: Trends in New York are up with objectives of 2480 and 2520 July. Support is at 2325, 2280, and 2250 July, with resistance at 2370, 2400, and 2420 July. Trends in London are mixed to up with objectives of 1580 and 1600 July. Support is at 1540, 1520, and 1505 July, with resistance at 1575, 1580, and 1600 July.