A use for crypto?

Coffee expensive again?

Author

Fink Money
June 04, 2024 • Estimated Reading Time: 3 minutes

There’s this coin I’m in…

JOOD.

It’s a Jude Bellingham meme, the England footballer, and is getting popular because of the Euros which is about to kick off.

Now generally, these memecoins are a laugh, but this one actually is quite useful.

See, for every $100k increase in market cap, they donate cash to Prostate UK…

If I were charities I would be all over this idea, mainly because I think the crypto community is EXTREMELY generous generally — yes, there are scammers of course.

I have seen the likes of TraderSZ literally pay for operations for disadvantaged kids.

I’ve seen Gainzy do the same.

Others come to mind like Tyler Durden, and Cobie has done his fair share of charitable giving.

The crypto community can certainly balance out a lot of the bad, and this is a perfect example of that.

What matters this week?

Thursday brings the ISM service PMI, a gauge of how well services are doing in the US.

The key component here will be costs though, not necessarily activity.

If costs are falling, the market will get another nice giddy up since that inspires more rate cut talk, and gets rid of that pesky Neel Kashkari’s chatter about higher rates!

Horrible man for that!

What we’d possibly see off this is the ES trade 5340 (currently trading 5288).

Which chart caught our eye?

A while ago we initiated a long on coffee.

Commodities have been very volatile, but coffee is back at highs.

Why?

It’s been really dry in Brazil and Vietnam.

Nasdaq reported though…

Long liquidation pressure emerged after today's news of progress on Brazil's coffee harvest.  Safras reported today that Brazil's 2024/25 coffee harvest was 21% completed as of May 28, slightly ahead of 20% year-earlier but in line with the 5-year average.  The arabica harvest is 16% complete, ahead of 14% year-earlier and the 5-year average of 15%.  The robusta harvest is 30% complete, slightly behind 31% year-earlier and the 5-year average of 33%.

But this is no where near enough progress to cancel out the dryness experienced.

It’s basically net flat!

And arabica harvest generally starts around May or June, later than Robusta…

So this could just be purely operational or a rounding error, like that’s not enough to cause the market to sell off guys!

Why am I interested in coffee?

Well, I don’t have an answer for you, it’s just every time I’ve traded it I’ve won.