December arabica coffee (KCZ26) on Wednesday closed up +4.85 (+1.56%), while November ICE robusta coffee (RMX26) closed down -58 (-1.70%).
Arabica coffee prices rallied on Wednesday, reversing Tuesday’s -1.39% decline that was driven by news that nearly 28,000 bags of arabica coffee are pending grading at the Intercontinental Exchange, the highest total in over a month. Indeed, ICE arabica coffee inventories on Wednesday rose to 239,748 from Tuesday’s 5-week low of 234,901 bags. In the bigger picture, however, ICE inventories have trended lower over the past month and are only moderately above the 27-year low of 217,646 bags posted on September 15, an underlying bullish factor for arabica coffee prices.
