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Rich Asplund

Below Normal Rain in Brazil Supports Coffee Prices

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May arabica coffee (KCK25) Wednesday closed up +6.65 (+1.80%), and May ICE robusta coffee (RMK25) closed up +15 (+0.28%).

Coffee prices on Wednesday extended this week's rally, with arabica coffee posting a 1-1/2 week high and robusta posting a 2-1/2 week high.  Coffee prices are climbing as below-normal rain in Brazil may hurt coffee yields.  Somar Meteorologia reported Monday that Brazil's biggest arabica coffee growing area of Minas Gerais received 17.9 mm of rain in the week ended April 12, or 89% of the historical average.  Robusta coffee is also climbing on signs of tighter supplies after ICE-monitored robusta coffee inventories fell to a 3-1/2 month low Wednesday of 4,227 lots.

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