May arabica coffee (KCK24) this morning is up +2.00 (+1.10%), and ICE robusta coffee (RMK24) is up +36 (+1.09%).
Coffee prices this morning climbed to 1-1/2 week highs and are moderately higher on forecasts for limited rain in Brazil's coffee-growing regions over the next week. Recent rain in Brazil has been below average and has been supportive of coffee prices. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 6.6 mm of rainfall in the past week, or 16% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
