USDA forecasts Brazilian coffee output next season will be about 67.9 million bags …
Robusta London T1 / 2021 chart session on 11/20/2020
KAt the end of the last session of the week, Robusta coffee prices on ICE Europe – London extended the chain to a fourth session. Futures for delivery in January decreased by 5 USD, down to 1,386 USD / ton and futures for delivery in March decreased by 8 USD, to 1,395 USD / ton, the slight decrease. Trading volume maintained at an average level.
Meanwhile, Arabica coffee prices on ICE US – New York floor reversed to decline. Futures for delivery in March decreased 5.15 cents, down 118.05 cents / lb and futures for May delivery fell 5.1 cents, to 119.95 cents / lb, the decline extremely strong. Trading volume increased very high above average.
The price of coffee beans in the Central Highlands provinces decreased by 100-200 VND, down fluctuating in the frame of 33,000 – 33,400 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,515 USD / ton, FOB – HCM, with the difference plus 100 – 120 USD / ton according to the term price in March in London.
Reais copper plummeted 1.39%, to stand at $ 1 = 5,3880 Reais due to fears that the Brazilian government would have to sell foreign exchange reserves to reduce public debt, while USDX rebounded because the US Department of Finance did not increase. In the context of a second outbreak of covid-19, the Fed’s emergency programs are concerned about political interference in economic stimulus activities.
Arabica coffee prices in New York fell sharply not only due to the impact of the financial market but also the correction again when prices rose by nearly 10% in the first few consecutive sessions of the week, the growth was too hot.
The Foreign Agriculture Division under the US Department of Agriculture (USDA) forecasts Brazil output next year will be about 67.9 million bags, down nearly 3%, while forecasts from Brazil will drop by more than 20%. make the market too concerned. Although the USDA forecast is credible, this is also the initial forecast.
Robusta coffee prices continued to decline slightly due to new selling pressure from Vietnam. But the demand for coffee at home increased because of the social gap, so the selling power also showed reservations, according to the observers.
English (giacaphe.com)
