NYBOT Coffee Futures Up As Switch Trades Actively Wednesday, February 14, 2007

Wednesday, February 14, 2007

Arabica coffee futures at the NYBOT enjoyed a small recovery Wednesday with spec buying and short covering contributing to the
advance. The front March contract closed 0.35 cents higher to settle at 114.05 cents per pound. Early buying on the ICE platform set the
stage for prices to attempt initial resistance at 115.00 (March). However, a lack of follow through prevented a clean break to the upside.
Moreover, the March / May switch was the focus for traders today as first notice day nears. The active spread narrowed to 2.45 cents today
before finishing at 2.65 cents. Also, a large reduction in the open interest of almost 3,000 lots was noted after Tuesday’s heavily trading
session.
In London, Robusta futures were lively again today as the March contract fell an additional $17 to $1534 per ton. More speculative selling
carried over from yesterday as volume was good at 20,973 lots.
• US green coffee imports in 2006 were the highest in seven years at 1,276,191 metric tons
• CSCE certified stocks were up 4,818 bags to 3,748,285 as of February 14th. Bags Pending: 143,748