July arabica coffee (KCN23) on Tuesday closed down -4.50 (-2.48%), and July ICE robusta coffee (RMN23) closed down -12 (-0.47%).
Coffee prices Tuesday posted moderate losses, with arabica falling to a 1-1/2 month low. Harvest pressures in Brazil are undercutting arabica coffee prices as dry conditions allow the pace of the coffee harvest to accelerate. Somar Meteorologia reported Tuesday that Brazil's Minas Gerais region received no rain in the week ended May 28, or 0% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
