CEO of Excelso Coffee, Ed Field, reveals all the factors that go into each perfect cup of Field Coffee and Tea.
Today, December closed just off the low for the day at 181.20, down 365 points. During the last seven days we have traded in a rather narrow range, relatively speaking, of about 550 from 181 to 186.50. But a more interesting fact is that in five out of those seven days, December met heavy resistance in the low 181s. A break out below 180 could suggest a big push south.
Once again, in order to show you how fickle the market is, I am attaching an article which indicates how different Brazilian organizations feel about the current production forecast. A report by Market Talk on industry groups slamming reports about the outlook of the coffee crop as “absurd, incoherent and reckless.”
Read the Sept. 17, 2014 article, “DJ Brazil Coffee-Crop Outlook Slammed By Industry Group.”
CEO of Excelso Coffee, Ed Field, reveals all the factors that go into each cup of Field Coffee and Tea.
Today, December closed down another 185 points at $1.9260. December is now down four out of the past five days and down 17.35 for the month. We are now entering a range where December has met some support since late July. The market has tried to break through 1.87 to 1.85, but has met some good support.
The announcement by Colombia that it’s production in August was the highest since 1956, at 1.2 M 60 kilo bags, may convince the bulls that coffee is overpriced. To support the bulls position, the lack of rain now is good for the harvest in Brazil, but could spell problems for the flowering in the next few months. Read the report from Sept. 9, 2014 published by Dow Jones that quotes the National Federation of Coffee Growers: “Colombia’s coffee crop is set to have a bumper year.”
Read the Market Talk article, “DJ Colombia Coffee Growers to Capitalize on Higher Prices.”