July arabica coffee (KCN24) on Thursday closed up +3.55 (+1.55%), and July ICE robusta coffee (RMN24) closed up +93 (+2.23%).
Coffee prices posted moderate gains on Thursday, with robusta climbing to a 1-month nearest-futures high. Coffee prices are supported by fears that excessive dryness in Brazil and Vietnam will damage coffee crops and curb global production. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 5.3 mm of rain or 69% of the historical average in the past week. Minas Gerais accounts for about 30% of Brazil's arabica crop.
