General Comments Futures were lower in both markets, and trends turned down on the charts again. Funds and other speculators were the best sellers. Origin was quiet. Traders anticipate big crops from Brazil and from Vietnam this year and have seen no reason to cover the short position in a big way. New York traders are talking about good weather currently being reported in Brazil and expect another bumper crop. Robusta remains the stronger market. The situation seems little changed in Latin America. There are reports of short crops in parts of Central America and some areas in South America due to the lack of farmer investment from the low prices. Honduras has been a very active exporter and offers from most other countries are seen. Differentials in Central America are low and the buy side is quiet.
Overnight News: Certified stocks are higher today and are about 1.927 million bags. The ICO composite price is now 112.01 ct/lb. Brazil will get chances for showers on Friday, then dry weather. Temperatures should be near to above normal. Colombia should get isolated showers. Central America and southern Mexico should get isolated showers or dry conditions. Vietnam will get showers from north to south over the next few days. Temperatures should average near to above normal. ICE said that 0 notices were posted for delivery today and that total deliveries are the month are now 1,547 contracts. GCA stocks are now 6.524 millon bags, from 6.613 million in January.
Chart Trends: Trends in New York are down with objecgtives of 118.00 May. Support is at 116.00, 113.00, and 110.00 May, and resistance is at 122.00, 125.00 and 126.00 May. Trends in London are mixed to down, with objectives of 1700 and 1650 May. Support is at 1730, 1710, and 1680 May, and resistance is at 1780, 1800, and 1830 May.