Last week March 2014 coffee opened at $106.50, and after a rocket ride up on Tuesday closed the week at $115.25. What gave bulls the shot in the arm to do this? News last week was there could be a near-term squeeze in Robusta supply.
On Friday we saw a large drop in corn with Sept 2013 down $0.25. This was caused by the USDA Acreage report released that day confirming the U.S. corn acreage planted at 97.4 million acres, the highest planted since 1936 when an estimated 102 million acres were planted.