March arabica coffee (KCH26) on Wednesday closed down -8.45 (-2.66%), and March ICE robusta coffee (RMH26) closed down -49 (-1.29%).
Coffee prices extended their week-long plunge on Wednesday, with arabica falling to a 5.75-month low and robusta posting a 6-week low. Coffee prices have been under pressure over the past week on an improving supply outlook. Above-average rainfall in Brazil has eased dryness concerns and is weighing on coffee prices. Somar Meteorologia reported on Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received 69.8 mm of rain during the week ended January 30, or 117% of the historical average.
