RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Over the past two trading sessions, March coffee futures have climbed back to the middle of a well-defined established since December. March coffee prices have rallied due to the promise of a “return-to-normal” dining out economy, with many US States easing their restrictions and producing additional demand in the process. Vaccines continue distribution at a slow pace, with President Biden promising that “by the end of July we’ll have 600 million doses, enough to vaccinate every American.” Clearly this promise has resulted in optimism for those that require a physical vaccination to return to work and those that simply want one. Optimism results in demand, which we are now seeing.

The recent rally from February 16th where March coffee futures went from 1.21 to 1.2490 has prompted additional follow-through buying, but the market seems to be easing on momentum for the time being, after such a strong move. The range of 1.20 to 1.25 has been quite comfortable for some time, and we will likely see strong resistance at the 1.27 level. A break above 1.32 will be needed for a leg higher.

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Coffee Mar ’21 Daily Chart
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Adam Tuiaana

Senior Market Strategist
Adam grew up in Chicago and was always fascinated by the fast-paced action found in the futures market hub there. He began participating in the financial markets by trading stocks in 1997 and began his career as a trading consultant with RJO Futures in March of 2009. At RJO, he specializes in risk management and disciplined trading plans, and is focused on educating clients with one-on-one consulting and training. Adam believes the best approach to trading is to take a measured and objective approach and let the markets guide your decisions.
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