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DJ Mexico, Central Amer Cash Coffee: Quiet Trade Before US Holiday76 days ago
MEXICO CITY (Dow Jones)--Physical trading continued at a quiet pace this week in the cash arabica coffee markets of Mexico, Peru and Central America as business slowed ahead of the U.S. Thanksgiving holiday, traders said Wednesday.
Traders also said that with supply from the new 2009-2010 harvest across Central America and Mexico still only arriving to the markets "very slowly and way behind schedule," there was little coffee with which to do business.
"It's been very quiet in the physicals market this week, a lot of people are cutting the week short because of the Thanksgiving holiday and there is just a lot of coffee around," said one trader in Central America.
In Central America, most premiums firmed, with strictly high-grown El Salvadoran beans now quoted at 8 cents a pound after earlier this week trading at between 5 cents and 6 cents a pound.
Arabica prices at the ICE Futures U.S. exchange in New York were trading higher Wednesday, with the active March 'C' contract up 2.55 cents at $1.3870a pound in mid-session, and up 8.05 cents on the week-ago level.
But traders said roaster demand remained sluggish and offers from producing countries met little enthusiasm as exporters are cautious about taking on too large commitments amid growing uncertainty about the new crop availability.
Industry officials said that 2009-2010 exports to date from across the region consist almost exclusively of past crop beans from the last harvest as picking and processing of the new harvest has only recently started in lower-altitude growing regions.
-By Maja Wallengren, Dow Jones Newswires; mwallengren@hotmail.com
(END) Dow Jones Newswires
November 25, 2009 14:01 ET (19:01 GMT)
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