I hope that everyone is having a good weekend.
On Friday the May coffee contract rose 230 points to close at 1.2105, the highest close since February 5 and above the 40 and 60 day moving averages. Typical with commodities and especially with coffee just when you think that there is a trend in one direction the market aggressively turns the other way.
During the past week the Bovespa, a stock exchange in Sao Paulo, Brazil, rose 17.5%. On Thursday and Friday the Real was up strongly and Dollar was down. These actions discourage sellers.
The corruption scandals in Brazil have been weighing heavily on the commodity and stock markets. Last week authorities seem to be clamping down and the investigation is widening, maybe to the President and former President. See the attached article from Dow Jones.