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CN Comment on today's market

I am only posting the following report because it addresses comments by market participants who are attending the meeting in Geneva. Although we can disbelieve their comments, some have a following.

Arabica Futures Extend Gains

CoffeeNetwork - Arabica prices on the InterContinental Exchange are trading higher by 3.00 based on the December contract, last seen at 130.20. Volume is good with 14,019 contracts at the time of writing.

Arabica futures are higher again today, extending yesterday’s gains. The market is beginning to rebound after falling for the weakest level since June 30th yesterday. Traders note that the market was due for a correction higher after coming under pressure once rainfall began in Brazil’s coffee belt. Sentiment remains mixed though as to whether the rainfall will be able to recover losses to Brazil’s 2018-2019 crop. Reports coming out of the meeting in Geneva today said estimates for the new crop were as high as 65 million bags, but most maintain it is still too early to assess. The market is also finding support today from a weaker US dollar, which fell against most major currencies.

Robusta futures are also higher today, supported by weakness in the US dollar. Continued concerns regarding a tightness of supplies for the market also continues to push prices higher. The Vietnamese harvest is underway, and market participants will keep a close eye on weather conditions for possible delays in coffee hitting the board.

Commodities are mixed today as the US dollar gave up some of its gains. A new report today said that the Brazilian Real is expected to weaken in the coming months as central banks globally tighten their monetary policies. The Labor Department reported nonfarm payrolls decreased by 33,000 jobs last month. Unemployment rate, derived from a separate Labor Department survey of households, dropped to 4.2% from 4.4%; lowest since Feb. 2001

Brent Crude Oil fell 2.82% to 55.39 and Spot Gold Futures rose 0.41% to 1,273.42.

The Dow Jones Industrial Average dipped 0.14% to 22,743.85 and the Stoxx Europe 600 Index was last seen at 389.37, down 0.42%.