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Barchart
Barchart
Rich Asplund

Coffee Closes Lower on Brazil Harvest Pressures

Ice Brazil Vietnam Deficit Cecafe Colombia El Nino Rabobank United States USDA FAS

Sep arabica coffee (KCU23) on Friday closed down -3.55 (-2.20%), and Sep ICE robusta coffee (RMU23) closed down -85 (-3.18%).

Coffee prices Friday settled moderately lower.  After posting a 1-month high on Monday, arabica coffee prices have been under pressure the remainder of the week as dry conditions in Brazil have accelerated the country's coffee harvest.  Cooxupe, Brazil's coffee export cooperative, reported Wednesday that Brazil's coffee harvest was 58.8% completed as of July 21, ahead of the 52.6% completed at the same time last year.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received no rain last week.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  

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