Softs Report - Wednesday, Feb. 24

Overnight News: Florida should get isolated showers or dry conditions. Temperatures will average near to above normal. Brazil should get isolated showers and near to above normal temperatures.

Chart Trends: Trends in FCOJ are mixed. Support is at 111.00, 109.00, and 106.00 May, with resistance at 115.00, 117.00, and 118.00 May.


General Comments:  Futures were sharply higher in New York on ideas of less offer from Brazil and sharply higher in London as Vietnam producers are not selling after the Tet holiday. Good weather continues 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 and it has been warm and dry in recent times. Rains are now falling that could be very beneficial. Offers have been less from Brazil so far this month. Central America is also drier for harvesting. Good growing conditions are reported in Colombia and Peru. The demand from coffee shops and other food service operations is still at very low levels. Reports indicate that consumers at home are consuming blends with more Robusta and less Arabica.

Overnight News: ICE-certified stocks are higher today at 1.757 million bags. The ICO daily average price is now 127.04 ct/lb. Brazil will get scattered showers with near to above normal temperatures. Central America will get scattered showers or dry conditions. Vietnam will see mostly dry conditions.ICE said that 24 notices were posted for delivery against March contracts and that total deliveries for the month are now 192 contracts.

Chart Trends: Trends in New York are up 234h objectives of 141.00 May. Support is at 133.00, 131.00, and 129.00 May, and resistance is at 140.00, 143.00, and 146.00 May. Trends in London are up with no objectives. Support is at 1420, 1390, and 1370 May, and resistance is at 1460, 1490, and 1520 May.


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