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Rich Asplund

Coffee Prices Settle Lower as Brazil's Coffee Harvest Accelerates

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Sep arabica coffee (KCU23) on Wednesday closed down -0.60 (-0.37%), and Sep ICE robusta coffee (RMU23) closed down -9 (-0.33%).

Coffee prices Wednesday closed moderately lower.  Dry conditions in Brazil have accelerated the country's coffee harvest, boosting supplies and undercutting prices.  Cooxupe, Brazil's coffee export cooperative, reported Wednesdsay that Brazil's coffee harvest was 74.9% completed as of Aug 4, ahead of the 71.7% completed at the same time last year.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received no rain last week.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  

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