July arabica coffee (KCN24) today is down -11.30 (-4.85%), and July ICE robusta coffee (RMN24) is down -151 (-3.54%).
Coffee prices are sharply lower on long liquidation pressure after the sharp rally seen in the past two weeks. Long liquidation pressure emerged after today's news of progress on Brazil's coffee harvest. Safras reported today that Brazil's 2024/25 coffee harvest was 21% completed as of May 28, slightly ahead of 20% year-earlier but in line with the 5-year average. The arabica harvest is 16% complete, ahead of 14% year-earlier and the 5-year average of 15%. The robusta harvest is 30% complete, slightly behind 31% year-earlier and the 5-year average of 33%.
