Sep arabica coffee (KCU23) this morning is down -6.80 (-4.31%), and Sep ICE robusta coffee (RMU23) is down -49 (-1.83%).
Coffee prices this morning are sharply lower, with arabica sinking to a 6-3/4 month low. Dry conditions in Brazil, the world's largest arabica coffee producer, have accelerated the country's coffee harvest, boosting supplies and undercutting prices. Cooxupe, Brazil's coffee export cooperative, reported last Wednesday that Brazil's coffee harvest was 74.9% completed as of August 4, ahead of the 71.7% completed at the same time last year. Somar Meteorologia reported today that Brazil's Minas Gerais region received 1.8 mm of rain last week, or 56% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
