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Rich Asplund

Arabica Coffee Closes Lower on Beneficial Rain in Brazil

Brazil Ice Somar Meteorologia Drought Vietnam Minas Gerais El Nino ICO the US Climate Prediction Center USDA FAS

Dec arabica coffee (KCZ23) on Monday closed down -0.75 (-0.48%), and Nov ICE robusta coffee (RMX23) closed up +5 (+0.21%).

Coffee prices on Monday settled mixed.  Beneficial rain in Brazil eased drought concerns and was bearish for arabica coffee prices.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 38.2 mm of rain in the past week, or 129% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.

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