Dec arabica coffee (KCZ23) this morning is up +3.80 (+2.18%), and Jan ICE robusta coffee (RMF24) is up +70 (+2.89%).
Coffee prices this morning are moderately higher, with robusta posting a 2-1/2 week high. Concerns that excessive heat in Brazil could damage coffee trees are sparking a rally in coffee prices today. Climatempo said temperatures are expected to be as high as 40 degrees Celsius (104 F) for most of Brazil's coffee-producing regions this week, which could harm coffee trees and reduce yields. Robusta also had carryover support from last Friday when Vietnam's agriculture department projected Vietnam's coffee production in the 2023/24 crop year could drop by -10% to 1.656 MMT, the smallest crop in four years, due to drought.
