The European Coffee Federation, E.C.F. have reported that the port warehouse coffee stocks held within reporting warehouses in Belgium, Germany, France, Italy and Spain, to have registered a 2.47% decrease during the month of February 2024 to total 6,696,450 bags at the end of the month. The stocks are reported as 1,901,950 bags robusta coffee, 2,102,500 bags natural arabica coffee Including Brazil semi-washed and 2,692,000 bags washed arabica coffee.

This figure reported at the end of February 2024 is 42.88% lower than the same time last year when the port warehouse coffee stocks registered at 11,724,463 at the end of February 2023. These stocks do not necessarily include the privately held, unreported stocks from the industry, onsite inventory, nor the in-transit bulk container stocks and the stocks being held within non-reporting warehouses throughout Europe.

With a long weekend ahead, the London market will be closed on Friday and again on Monday in observance of Easter, while the New York market shall be closed on Friday and trade solo and for a shortened trading day on Monday.

The Certified washed Arabica coffee stocks held against the New York arabica market were seen to increase by 8,356 bags yesterday, to register these stocks at 585,379 bags, with 99.64% of these certified stocks being held in, Europe at a total of 583,294 bags and the remaining 0.36% being held in the USA at a total 2,085 Bags. Of this, a total 308,694 bags, or 52.73% of the coffees registered and stored in consumer country certified warehouses of the exchange, are Brazil washed arabica, and a further 20.07% of these certified coffees, originating from Honduras. The pending grading stocks were seen to decrease by 10,016 bags; to register 70,513 bags pending grading on the day.

The May 2024 to May 2024 contract arbitrage between the London and New York markets widened yesterday, to register this at 30.88 Usc/Lb. This equates to 16.42% price discount for the London Robusta coffee.

It was a mixed day on the commodity markets yesterday, in what has been seen to be subdued trade this week ahead of the Good Friday Holiday. The Coffee, Cocoa, Sugar and Gold markets ended the day on a positive note, while the Corn, Soybean, Wheat, Silver, Platinum and Palladium markets ended the day on a negative note. The day starts with the U.S. Dollar trading at 1.262 Sterling, at 1.082 the Euro and with the US Dollar buying 4.977 Brazil Real.

The New York and London markets started the day yesterday trading north of par on firmer notes respectively. This support continued throughout the early morning session, with both markets tracking firmer as the day progressed, before attracting some degree of selling pressure to see the markets limit the gains for the early morning session. As the afternoon progressed the New York market fell back from the early highs of the day to hit a floor, limit the losses and see the market track back upward as speculative buying support returned to the floor. The New York and London markets continued to gain momentum to rally late in the day and accentuate the gains for the day. The upward momentum brought sellers back to the floor at the top of the day, and the New York market hit a ceiling during the mid-afternoon session to limit the gains for the day. This saw the market drop back from the highs and settle on a firmer note at the close. The London market followed suit to likewise rally during the late afternoon session before seeing the market capped late in the day to drop back form the highs and settle on a firmer note at the close.

The London market ended the day on a positive note with 46.15% of the earlier gains of the day intact, while the New York market ended the day on a likewise positive note, with 63.16% of the earlier gains of the day intact. This follow through firmer close for the markets, with the New York and London markets tracking upward throughout the session before finding resistance late in the day to drop back from the highs, might indicate some degree of follow through support to possibly see the market set for a steady start to early trade today, against the prices set yesterday, against the prices set yesterday, as follows:

LONDON ROBUSTA US$/MT                 NEW YORK USC/LB.

MAY   3465 + 48                                         MAY  188.05 + 2.40
JUL     3375 + 49                                         JUL    187.25 + 2.35
SEP     3302 + 49                                         SEP    186.80 + 2.30
NOV   3225 + 48                                         DEC   186.50 + 2.30
JAN    3154 + 46                                         MAR  186.95 + 2.45
MAR  3105 + 44                                         MAY   187.85 + 2.50
MAY  3062 + 44                                         JUL     188.20 + 2.45
JUL    3005 + 44                                         SEP     187.90 + 2.25