July arabica coffee (KCN23) today is down -8.50 (-4.79%), and July ICE robusta coffee (RMN23) is down -60 (-2.14%).
Coffee prices have plunged for the second straight day on forecasts for favorable weather in Brazil that will allow farmers to continue the country's coffee harvest. Heavy rains last week may have delayed some of Brazil's coffee harvest, but updated forecasts call for dry conditions this week and next. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 23.4 mm of rain in the week ended June 18, or 411% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop. Cooxupe, a Brazil coffee export cooperative group, reported that Brazil's Cooxupe coffee harvest was 17.1% completed as of June 9, ahead of the 9.6% completed at the same time last year.
