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Barchart
Barchart
Rich Asplund

Coffee Moves Higher on Excessive Rain in Brazil

Brazil Ice Somar Meteorologia Vietnam El Nino ICO the US Climate Prediction Center USDA FAS

Dec arabica coffee (KCZ23) on Wednesday closed up +0.35 (+0.23%), and Nov ICE robusta coffee (RMX23) closed up +3 (+0.12%).

Coffee prices Wednesday closed slightly higher on concern that excessive rain in Brazil's coffee-growing areas will delay the completion of its coffee harvest.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 22.8 mm of rain in the past week, or 308% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.   Coffee prices fell back from their best levels Wednesday after weather forecasts called for hot, dry weather in Brazil during the first two weeks of September.

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