Coffee Little Changed

Coffee futures are trading steady Tuesday after Monday's move lower. July Coffee is trading at 137.75, up 0.70. Wide trading ranges and volatile activity is likely to continue. Chatter about better current coffee production from Brazil and higher production for next year Is making the rounds. Market chatter that estimates for Brazil's Coffee production is now 49.5 million bags this season has led to selling in recent sessions. Some market talk that global production deficits will be less than previously thought has led to additional pressure. There is some chatter that large exports by Brazil have filled pipelines for now and that may be supportive later on. Inventories for the start of summer are expected to be less than last year.