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Barchart
Barchart
Rich Asplund

Coffee Prices Climb on Tighter Global Supplies

Ice Arabica Brazil Conab USDA

July arabica coffee (KCN23) this morning is up +4.80 (+2.57%), and July ICE robusta coffee (RMN23) is up +41 (+1.61%).

Coffee prices this morning are moderately higher, with arabica climbing to a 3-week high and robusta posting a 12-year high.   Arabica has carryover support from Thursday when Conab cut its Brazil 2023 coffee crop estimate to 54.7 mln bags from 54.9 mln bags forecast in Jan.  Another bullish factor for arabica is the decline in ICE-monitored arabica coffee inventories seen over the past three months.  On Thursday, ICE arabica coffee inventories fell to a 5-1/2 month low of 629,810 bags.  

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