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Rich Asplund

Arabica Coffee Slightly Higher on Heavy Rain in Brazil

Brazil Ice arabica NOV Deficit Vietnam Cecafe El Nino ICO Rabobank

Dec arabica coffee (KCZ23) this morning is up +0.30 (+0.20%), and Nov ICE robusta coffee (RMX23) is not trading today, with UK markets closed for a holiday.

Coffee prices this morning are slightly higher.  Concerns that wetter-than-normal weather in Brazil will delay the country's coffee harvest's completion have sparked some short covering in arabica futures.  Somar Meteorologia reported today that Brazil's Minas Gerais region received 7.4 mm of rain in the past week, or 190% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  

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