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Barchart
Barchart
Rich Asplund

Coffee Closes Higher on Brazil Crop Concerns

Ice Brazil Vietnam ICO the USDA FAS

March arabica coffee (KCH24) on Thursday closed up +1.95 (+1.03%), and Jan ICE robusta coffee (RMF24) closed up +23 (+0.82%).

Coffee prices Thursday posted moderate gains, with arabica climbing to a 7-3/4 month high.  Ongoing dry weather in Brazil risks damaging coffee crops and has boosted coffee prices.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received only 36.5 mm of rainfall in the past week, or 53% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.

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