Where Are Coffee Prices Going ?

Coffee Futures---Coffee futures in the September contract settled last Friday in New York at 106.65 while currently trading at 108.85 up over 200 points as prices are stuck in a 2 week consolidation.

Coffee prices are trading above their 20 and 100 day moving average as the trend is higher as fundamentally speaking the International Coffee Organization on July 3rd cut its global 2018/19 coffee surplus estimate by -8.8% to 3.11 mln bags from a prior view of 3.41 mln bags. Also current coffee supplies have tightened after the Green Coffee Association on Monday reported that U.S. June green coffee inventories fell -0.4% y/y to 6.82 mln bags. On the negative side harvest is about 66% complete as dry weather conditions are allowing the fieldwork to be brisk as harvest should be wrapped up around the 1st of September.

At the present time I'm sitting on the sidelines as I keep waiting for the 103 level to be touched so be patient as I still think coffee is in a bottoming out pattern as I will not go short.

At the present time I do not have any soft commodity recommendations as I was stopped out of my sugar trade earlier this week as all of the excitement recently has been in the precious metals which are experiencing strong trends.

TREND: HIGHER--- MIXED

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER---@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.