Softs Report - Tuesday, March 2

Overnight News:  Florida should get scattered showers today and tomorrow, then dry conditions. Temperatures will average near to above normal. Brazil should get isolated showers and near to above normal temperatures.ICE said that 0 notices were posted today for March delivery and that total deliveries for the month are now 0 contracts.

Chart Trends: Trends in FCOJ are mixed. Support is at 110.00, 109.00, and 106.00 May, with resistance at 116.00, 117.00, and 118.00 May.


General Comments:  Futures were lower in New York and a little lower in London as Vietnam producers stopped selling during the Tet holiday and have not sold since. Ideas of improving weather conditions were the biggest reason to sell. There are reports of good weather in Vietnam for the harvest. Indonesia has had good weather but has little coffee to sell now. Brazil has been dry for flowering and initial fruit development. Rains are now falling which could be very beneficial. Central America is also drier for harvesting but production might have been reduced due to very wet conditions during the growing season. Good growing conditions are reported in Colombia and Peru.

Overnight News: ICE-certified stocks are higher today at 1.784 million bags. The ICO daily average price is now 125.30 ct/lb. Brazil will get scattered showers with near-normal temperatures. Central America will get scattered showers or dry conditions. Vietnam will see mostly dry conditions.ICE said that 43 notices were posted for delivery against March contracts and that total deliveries for the month are now 347 contracts.

Chart Trends: Trends in New York are mixed to down with objectives of 131.00 and 126.00 May. Support is at 135.00, 133.00, and 131.00 May, and resistance is at 140.00, 143.00, and 146.00 May. Trends in London are mixed. Support is at 1450, 1430, and 1390 May, and resistance is at 1490, 1520, and 1550 May.


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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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