December arabica coffee (KCZ26) is down -13.20 (-4.10%) today, and November ICE robusta coffee (RMX26) is down -75 (-2.08%).
Coffee prices added to Wednesday’s sharp losses today, with arabica falling to a 2.5-week low and robusta sliding to a 2-month low. The outlook for Brazil’s coffee harvest to add more supply to the market is easing supply concerns and sparking long liquidation in coffee futures. Most warehouses in Brazil are no longer accepting new coffee supplies as space fills up, suggesting farmers holding back sales in hopes of higher prices will have to increase coffee sales as storage space dwindles. Robusta coffee is also under pressure after ICE robusta coffee inventories jumped to a 9-month high on Tuesday.
