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Coffee Prices Down 500 Points For The Week

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Coffee Futures---Coffee futures in the July contract settled last Friday in New York at 100.95 while currently trading at 96.00 down nearly 500 points for the trading week hitting a 3 week low. I had been recommending a bullish position from around the 95.80 getting stopped out around the 97.30 level as now it's time to sit on the sidelines as this market remains choppy.

In my opinion I do think 14 year low which was hit on May 7th around the 87 level will hold, but we need the chart structure to improve as the agricultural markets have started to come to life.

Coffee prices are now trading below their 20 & 100 moving average as the trend is mixed at the present time as the volatility has also increased which is a good thing to see. Fundamentally speaking dry weather in key growing regions in the country of Brazil is allowing harvest to be in full swing coupled with the fact that they took the possible frost out of the weather forecast as the weather premium is starting to bleed out of this commodity.

At the present time I do not have any soft commodity recommendations as the strongest out of that sector is cocoa currently.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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