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(March 26, 2002) COFFEE: More chop. Traders are watching the situation in Argentina, with the perspective that weakness in the Argentina Peso could carry over to the Brazilian Real and encourage more selling. We'll see. Funds are now long.

Pullbacks to near 5100 or so appear to be a buy. Trade remains technically dominated, and action implies a low may have been formed. Still, back in the real world, Brazil's crop is expected to grow by 40%. There is no shortage of coffee. Don't assume too much and use stops. Coffee remains an excellent option trade if you are considering calling a low in this market.

M. Steven Morgan

www.commodityreview.com

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