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Rich Asplund

Coffee Prices Retreat on Brazil Rains

Ice Brazil DEC NOV the USDA FAS Vietnam Cecafe International Coffee Organization USDA

December arabica coffee (KCZ24) Monday closed down -5.60 (-2.18%), and November ICE robusta coffee (RMX24) closed down -125 (-2.66%).

Coffee prices retreated Monday, with arabica falling to a 1-week low and robusta tumbling to a 2-1/4 month low.  Above-average rainfall in Brazil is weighing on coffee prices.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 36.8 mm of rain over the past week, or 115% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  Also, meteorologist Climatempo said Monday that more significant rains are expected in Minas Gerais from Friday onwards, which will keep temperatures milder and improve soil moisture levels.

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