September arabica coffee (KCU25) Monday closed down -3.65 (-1.20%), and September ICE robusta coffee (RMU25) closed down -41 (-1.12%).
Coffee prices on Monday settled sharply lower as abundant rainfall in Brazil has eased dryness concerns and is positive for the country's coffee crops. Somar Meteorologia reported Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received 5 mm of rain during the week ended June 28, which is 714% of the historical average.
