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Barchart
Barchart
Rich Asplund

Arabica Coffee Moderately Lower as Brazil's Harvest Picks Up

Sep arabica coffee (KCU23) on Wednesday closed down -0.80 (-0.51%), and Sep ICE robusta coffee (RMU23) closed up +72 (+2.84%).

Coffee prices on Wednesday settled mixed, with arabica falling to a 5-3/4 month nearest-futures (N23) low and robusta climbing to a 1-week high.   Arabica was under pressure Wednesday as Brazil's coffee harvest has accelerated.  Cooxupe, Brazil's coffee export cooperative, reported Wednesday that Brazil's coffee harvest was 50.5% completed as of July 14, well ahead of the 42.8% completed at the same time last year.  Robusta coffee is higher today on signs of tight supplies as ICE-monitored robusta coffee inventories Tuesday fell to a record low of 5,275 lots (data history back to 2016).  

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