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Rich Asplund

Coffee Prices Close Sharply Higher as Brazil Farmers Withhold Supplies

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

Dec arabica coffee (KCZ23) on Friday closed up +5.60 (+3.75%), and Nov ICE robusta coffee (RMX23) closed up 28 (+1.19%).

Coffee prices Friday rallied sharply, with arabica posting a 3-week high and robusta posting a 1-1/2 week high.  A lack of selling by Brazil’s coffee farmers is keeping supplies tight in the cash market and is pushing prices higher.  The recent price weakness in coffee has encouraged farmers to store coffee beans rather than sell them.

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