Iced Coffee

Iced Coffee: Coffee futures closed at 2-week highs today, as a surprise cold snap in the Coffee growing region of southern Minas Gerais in Brazil caused a short-covering rally. Commodity funds and speculators were the main buyers today, triggering buy-stops above 98.00 in the September contract. Prices reached the psychologically important 100.00 level before origin selling came in to push prices off the highs before the close. Weather forecasts call for warmer temperatures in the Brazilian Coffee growing regions for the remainder of the week, which may put an end to further gains near-term. Read More....