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Barchart
Rich Asplund

Arabica Posts Modest Gains as Conab Cuts its 2023 Brazil Coffee Production Estimate

Conab Ice Brazil arabica Robusta USDA

July arabica coffee (KCN23) on Thursday closed up +0.60 (+0.32%), and July ICE robusta coffee (RMN23) closed down -42 (-1.63%).

Coffee prices on Thursday settled mixed.  Arabica prices posted moderate gains Thursday after Conab cut its Brazil 2023 coffee crop estimate to 54.7 mln bags from 54.9 mln bags forecast in Jan.  Long liquidation pressure weighed on robusta coffee Thursday after ICE-monitored robusta coffee inventories climbed to a 5-1/2 month high Wednesday.  Also, Thursday's rally in the dollar index (DXY00) to a 1-3/4 month high was bearish for coffee prices.

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