Dec arabica coffee (KCZ23) on Wednesday closed down -7.50 (-4.48%), and Jan ICE robusta coffee (RMF24) closed down -54 (-2.28%).
Coffee prices Wednesday closed sharply lower as forecasts for steady rain in Brazil sparked long liquidation of coffee futures. Forecaster Maxar Technologies on Wednesday said that Brazil's coffee-growing areas will get moderate rainfall over the next week, boosting soil moisture that promotes cherry growth and increased coffee yields. Meanwhile, Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 43.7 mm of rain in the past week, or 130% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
