December arabica coffee (KCZ26) is down -14.60 (-4.35%) today, and November ICE robusta coffee (RMX26) is down -85 (-2.30%).
Coffee prices fell to 1-week lows today and are sharply lower as the outlook for Brazil’s coffee harvest to put more supplies into the market has sparked long liquidation in coffee futures. 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.