Dec arabica coffee (KCZ23) this morning is up +1.50 (+0.99%), and Nov ICE robusta coffee (RMX23) is down -22 (-0.89%).
Coffee prices this morning are mixed, with robusta falling to a 1-week low. Arabica recovered from a 2-week low today and is moderately higher on concern excessive rain in Brazil's coffee-growing areas will delay the completion of its coffee harvest. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 22.8 mm of rain in the past week, or 308% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop. Robusta prices are under pressure after ICE-monitored robusta coffee inventories jumped to a 1-week high today. Weakness in the Brazilian real limits gains in arabica coffee as the real (^USDBRL) dropped to a 2-week low today against the dollar. A weaker real encourages export selling by Brazil's coffee producers.
