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Barchart
Rich Asplund

Arabica Slightly Higher as Conab Cuts 2023 Brazil Coffee Production Estimate

Conab Ice Brazil arabica Robusta USDA

July arabica coffee (KCN23) this morning is up +0.40 (+0.21%), and July ICE robusta coffee (RMN23) is down -44 (-1.70%).

Coffee prices this morning are mixed.  Arabica prices posted modest gains today 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 today after ICE-monitored robusta coffee inventories climbed to a 5-1/2 month high Wednesday.  Today's rally in the dollar index (DXY00) to a 1-3/4 month high is also bearish for coffee prices.

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