On Wednesday, Feb. 20th, coffee prices on the New York Stock Exchange (ICE Futures Group) started the day with highs of up to 70 points in the main maturities.
By 9:13 am, the March / 19 contract was up 70 points at 97.90 cents/lb. For May 19, the high was 55 points, at 101.40 cents/lb. July/19 was up 25 points at 103.80 cents/lb and September/19, down 25 points to 106.75 cents/lb.
Market analyst Jack Scoville of the Price Futures Group points out that Brazil’s January export data was far above expectations. In turn, the high dollar encouraged some sales, mainly by speculators.
Brazil, as the analyst recalls, had a good year of production, but the next crop should be smaller since it is a low crop year. With this, production can be around 52 million bags.