Coffee Prices Hit New Lows

Coffee Futures---Coffee futures finished last Friday in New York at 97.80 while currently at 93.90 down about 400 points for the trading week hitting another fresh contract low.

At the current time coffee is probably the most bearish commodity as it just continually grinds lower on a weekly basis as that was not a good close to end the week as it looks to head even lower in Monday's trade.

Coffee is trading below its 20 and 100 day moving average as the trend has been bearish over the last 5 months and as I've written about many previous blogs I think prices could get down to the 90.00 level, but anything under that area I think would be an attractive longer term buy.

Fundamentally speaking the Brazilian Real remains weak against the U.S dollar coupled with the fact of ample supplies and ideal growing weather conditions in Vietnam and Brazil as there is nothing bullish at this time except for the fact that much of this news has already been reflected into the price.

At the present time I'm still sitting on the sidelines waiting to enter into a bullish position as I will not go short so be patient as a bottom probably has not been formed.




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