Sep arabica coffee (KCU23) on Tuesday closed down -1.15 (-0.71%), and Sep ICE robusta coffee (RMU23) closed down -21 (-0.79%).
Coffee prices Tuesday settled moderately lower. Drier conditions in Brazil that speed up the country's coffee harvest are bearish for prices. 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. Cooxupe, Brazil's coffee export cooperative, reported last Wednesday that Brazil's coffee harvest was 50.5% completed as of July 14, well ahead of the 42.8% completed at the same time last year.
