Magazine article Modern Trader

Caffeine Low?

Magazine article Modern Trader

Caffeine Low?

Article excerpt

Coffee prices have been coming down in June based on mild weather in Brazil and the end of drought in Vietnam. "We're close to the bottom of the range here," says Judy Ganes-Chase, president of J. Ganes Consulting. She says that while the market is under technical pressure, fundamentally nothing has changed. During July, she says the low end of September coffee will be $1.10 per lb.; below that, the market is undervalued. Gaines-Chase pegs fair value between $1.40 to $1.50.

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Boyd Cruel, senior softs analyst at Alaron says that while there is the possibility for frost in Brazil through July, the upside is limited. "We rend to move lower based on that," Cruel says, adding, as Brazilian growers move into the harvest season, origin selling will increase. "The key level we need to hold is $1.1510, which is our low from April 15," he says. If support at $1. …

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