General Comments:
Prices closed lower in New York, but higher in London. London and Robusta prices in general continue to be the leaders to the upside. The correction in New York was shallow, and it could be that the correction is now about over and that prices could start to move higher again. Cash markets in Central America showed good offers for old and new crop Coffee. Temperatures in Brazil should be warm. It has turned dry again, and there is concern that it is too dry for good flowering. Most producers in the region talk of losses and that trade estimates are overstated. The crop losses are reported due to some extreme drought, then some freezes in Coffee areas of Brazil Robusta production is improving for the next crop in Vietnam with improved rains. It has been wet in Indonesia and the harvest there has been affected. Producers in Central America are expecting mixed production this year, but most seem optimistic on good production potential. Conditions seem generally good there right now.
Overnight News:
Certified stocks are lower today and are about 1.269 million bags. The ICO composite price is now 137.11 ct/lb. Brazil will get mostly dry conditions. temperatures should average near to below normal today, then near to above normal over the weekend Colombia should get scattered to isolated showers. Central America and southern Mexico should get mostly dry conditions. Temperatures should average near to above normal.
Chart Trends:
Trends in New York are mixed. Support is at 149.00, 147.00, and 145.00 December, and resistance is at 153.00, 155.00 and 157.00 December. Trends in London are mixed to up with objectives of 1910 November. Support is at 1880, 1870, and 1830 November, and resistance is at 1930, 1940, and 1960 November. Trends in Sao Paulo are up with no objectives. Support is at 178.00, 174.00, and 170.00 December, and resistance is at 186.00, 189.00, and 192.00 December.