Coffee is a ubiquitous beverage that many of us need to start our day. A dose of caffeine provides the jolt that pushes us off on a productive path. In my July 10 Barchart article on soft commodities, I highlighted ICE coffee futures’ 5.57% decline in Q2 2023 and the 3.77% decline over the first six months of this year. Nearby Arabica futures were at the $1.61 per pound level on June 30 and are virtually unchanged over the past weeks. Arabica coffee futures for September delivery have traded around the $1.60 pivot point since the end of the second quarter.
A consolidation pattern
