Happy Saint Patrick’s Day to everyone, especially my Irish friends!
Today the May coffee contract is at the highest high since October 2015. The market has been as high as 1.3490 and is currently trading at 1.3400 up 500 points. Since March 2 during 10 out the past trading 12 days the market has been up and gained 1925 points in that period.
Once again the value of the Dollar and the Real is influencing the market. This month the Dollar has dropped dramatically. Today it is experiencing one of the largest drops this year. On the other hand the Real this month is at the highest level since September. Brazilian politics is partially influencing this move.
I have attached two articles. One talks about Brazilian politics and the possible impeachment of the President. The second article talks about the price spread between “Gourmet” and mass-market coffees.