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Barchart
Rich Asplund

Coffee Prices Fall Sharply as EU Delays Anti-Deforestation Law

Ice European Union Brazil NOV the European Commission the USDA FAS Vietnam Cecafe ICO the International Coffee Organization

December arabica coffee (KCZ24) Wednesday closed down -7.65 (-2.90%), and November ICE robusta coffee (RMX24) closed down -334 (-6.13%).

Coffee prices Wednesday sold off sharply to 1-week lows after the European Commission postponed an anti-deforestation law.  The legislation, scheduled to go into effect December 30, is aimed at curbing forest clearance in countries that send products, including coffee, to the EU.  The postponement of the law allows certified coffee stockpiles held at European warehouses to be used to satisfy contracts, reducing concerns that the new law would lead to the decertification of the coffee and limit existing coffee supplies.

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