July arabica coffee (KCN23) on Monday closed down -4.10 (-2.18%), and July ICE robusta coffee (RMN23) did not trade with markets in the UK closed Monday for the king's coronation.
Arabica coffee was under pressure Monday as drier conditions in Brazil's coffee fields should accelerate the pace of the country's coffee harvest. Meteorologia reported Monday that Brazil's Minas Gerais region received 0.4 mm of rain in the week ended May 7, or 6% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
