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.
TREND: ----MIXED
CHART STRUCTURE: POOR
VOLATILITY: INCREASING
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