ICE Coffee Seen Bullish In 2011 - Analyst

1151 EDT [Dow Jones] - The coffee market remains "extremely bullish," despite the incoming bumper crop from Brazil, says Shawn Hackett in the Hackett Money Flow Report. In 2011, Brazil's 2011 harvest will be at the weak end of the biennial crop cycle, adding to to another global supply deficit, Hackett says. "I would look buy coffee on any break to the $1.50 a pound area on the December futures contract. However, if the coffee market has a weekly close above the $1.65 area, then buy anyway as prices could straight spike to well over $2.00 a pound, Hackett says. (HEH)