DThe US Congress is expected to discuss a new bailout package worth 1.9 trillion USD in about 3 weeks, while the possibility of frost in southern Brazil stimulated futures prices to soar.
Read more: >> Frost harms the coffee tree
Robusta London T5 / 2021 chart session on February 22, 2021
Ending the first session of the week, Robusta coffee prices on ICE Europe – London reversed sharply. May spot futures increased 36 USD, to 1,416 USD / ton and July futures rose 37 USD, to 1,431 USD / ton, the relatively strong increases. Trading volume in mmemory “terrible ”, rarely seen.
Similarly, Arabica coffee price on ICE US – New York floor suddenly soared. May spot futures increased 5.8 cents, to 134.95 cents / lb and July futures rose 5.7 cents, to 136.7 cents / lb, the increase is very strong. Trading volume very high above mGermany medium.
The price of coffee beans in the Central Highlands provinces increased from 600 to 700 VND, up to fluctuating in the frame of 32,300 – 32,900 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,511 USD / ton, FOB – HCM, with the difference plus 70-80 USD / ton in terms of July futures in London.
Reais copper plummeted 1.30%, down to 1 USD = 5.4540 Reais not only due to the general negative of the world stock market but also the concern that the intervention of the Brazilian government made gasoline stocks. The oil in the water was free-flowing, and the vaccination was slow.
Arabica coffee prices turned up when there was a rumor of frost in southern Brazil due to low weather in the new coffee production replanting areas. These are high areas where frost is likely to occur, so coffee trees have been moved down to low areas. However, over the past 20 years, the risk of frost has gradually decreased with climate change, so farmers have returned to replanting these areas and have given a very significant yield. This year’s crop is drought at the beginning of the crop, Arabica coffee produces low cyclical yields “Two years one”, now again, there is frost concern … which has stimulated the New York futures prices soar, not too surprising.
Although the option contract expired yesterday, the speculators are adjusting and balancing their positions, but the price of Robusta coffee on London floor has also increased. “Cold fever”, Although the increase is still cautious, only about half of that of New York.
The Foreign Agriculture Division (FAS) of the US Department of Agriculture (USDA) has released a warning that Brazil will encounter a severe frost during the winter of July, August, 2021.
According to weather forecasts from Brazil, a cold air wave will enter the south, temperatures in the states of Paraná, São Paulo and Minas Gerais will be low from Wednesday … Texas Cowboy Country but frozen does not say. before something. /
English (giacaphe.com)
