Dec arabica coffee (KCZ23) on Monday closed down -0.40 (-0.26%), and Nov ICE robusta coffee (RMX23) is not trading today, with UK markets closed for a holiday.
Coffee prices Monday gave up an early advance and posted modest losses. Coffee prices have been under pressure over the past three weeks, with arabica falling to a 7-1/2 month low on August 18, as favorable weather in Brazil, the world's largest arabica coffee producer, has 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 87.3% completed as of August 18, ahead of the 85.5% completed at the same time last year.
