March arabica coffee (KCH26) on Wednesday closed down -3.60 (-0.94%), and January ICE robusta coffee (RMF26) closed down -46 (-1.01%).
Coffee prices settled lower on Wednesday after the European Parliament approved a 1-year delay to the deforestation law, which should keep global coffee supplies ample. The EU regulation, known as EUDR, aims to tackle deforestation in countries whose imports into the EU include key commodities such as soybeans, coffee, and cocoa. The delay of the regulation will allow EU countries to continue importing agricultural products from regions in Africa, Indonesia, and South America where deforestation is occurring.
