The Coffee Exporters Association in Brazil Cecafé have reported that the countries coffee exports for the month of March were 2.4% higher than the same month last year, to total 2.81 million bags. This they say has contributed to the country’s cumulative coffee exports for the first six months of the October 2019 to September 2020 Coffee year to be 16.92 million bags.
Due to religious holidays being observed for the majority of the mainstream consumer markets, the London market shall be closed today and again on Monday, while the New York market shall be closed today and to trade solo and for a shortened trading day on Monday. The July to July contracts arbitrage between the London and New York markets narrowed yesterday; to register this at 64.45 usc/Lb. This equates to 53.82% price discount for the London Robusta coffee market. The commodity markets were slightly firmer in trade yesterday, to see overall macro commodity index taking a sideways track for the day. The Sugar market ended the day on a positive note, while the Coffee and Cocoa markets ended the day on a softer note The Reuters Equal Weight Continuous Commodity Index that is related to 17 markets is 0.3614% higher; to see this index registered at 342.8649. The day starts with the U.S. Dollar steady, trading at 1.247 to Sterling, at 1.094 to the Euro and with the US Dollar buying 5.107 Brazilian Real. The London market ended the day on a negative and with 78.6% of the earlier losses of the day intact, while the New York market ended the day on a likewise negative note and with 41.82% of the earlier losses of the day intact. This softer close for the markets is unlikely to inspire confidence and one would expect the markets are only due for a near to steady start to early trade late on Monday for the New York market and Tuesday for the London market, against the prices set yesterday, as follows:
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