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Barchart
Rich Asplund

Coffee Prices Settle Higher on Brazilian Real Strength and Robusta Supply Concerns

Ice Brazil Vietnam USDA ICO International Coffee Organization Vietnam General Statistics Office

May arabica coffee (KCK24) on Wednesday closed up +2.95 (+1.61%), and May ICE robusta coffee (RMK24) closed up +129 (+4.06%).

Coffee prices on Wednesday moved higher, with robusta coffee climbing sharply.  May robusta posted a contract high, and nearest-futures (H24) robusta jumped to a 6-week high.  Strength in the Brazilian real (^USDBRL) supports coffee prices as the real on Wednesday rose to a 1-week high against the dollar.  The stronger real discourages export selling from Brazil's coffee producers.  Robusta coffee also has carryover support from last Thursday when Vietnam's General Statistics Office reported that Vietnam's Feb coffee exports fell -20 % y/y to 160,000 MT.  

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