The Mar/23 coffee position misses the level of 180 cents, sinking into a negative technical field on ICE US. Thus, it not only consolidates the new range, but also confirms the downward shift in its performance level. Technically, the market must find support above 175 cents. The new bearish objective would be around 170 cents, a level not reached since July 2021. But the oversold market signals, with the RSI at 20%, could serve as a corrective technical trigger for coffee on ICE US. The bullish challenge is to recover the level of 180 cents, finding strength to seek the levels of 190 and 200 cents.
The spread of the futures curve between coffee maturities on ICE US is flatter. But the difference between the Mar/23 and Sep/23 positions increased again, hovering around -5.40 cents. It is good to keep an eye on rollovers with the Dec/22 position, well before the first delivery notice day, which will only be on November 21.