Sep arabica coffee (KCN23) this morning is up +1.30 (+0.82%), and Sep ICE robusta coffee (RMN23) is up +2 (+0.08%).
Coffee prices this morning recovered from early losses and are moderately higher. Weakness in the dollar (DXY00) today sparked short covering in coffee futures after the dollar index retreated from a 3-week high and turned lower. Coffee prices this morning initially moved lower, with arabica falling to a 5-1/2 month low, as ongoing dry weather in Brazil has sped up the pace of the country's coffee harvest. Cooxupe, Brazil's coffee export cooperative, reported Wednesday that Brazil's coffee harvest was 34.6% completed as of June 30, well ahead of the 25.7% completed at the same time last year.
