Twice today, once on the opening and then again at 10:15 the July coffee contract tried to move over 1.24 and fell back. Yesterday when the Dollar and the Real traded down and up respectively and the impeachment proceedings in Brazil were thought to help the economy, the coffee market turned bearish and continued down slightly today. The attached article from yesterday explains the situation further.
Today July closed down 75 points at 1.2335.
With winter approaching in Brazil and world stocks at a low level, the market still has a bullish side.