July arabica coffee (KCN23) this morning is down -4.00 (-2.13%), and July ICE robusta coffee (RMN23) is not trading with markets in the UK closed today for the king's coronation.
Arabica coffee is under pressure today as drier conditions in Brazil's coffee fields should accelerate the country's coffee harvest's pace. Somar Meteorologia reported today 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.
