March arabica coffee (KCH26) on Wednesday closed down -4.70 (-1.33%), and January ICE robusta coffee (RMF26) closed down -136 (-3.460%).
Coffee prices extended their two-week-long plunge on Wednesday, with arabica tumbling to a 2-month low and robusta sinking to a 4-month low. Ample rains in Brazil have eased concerns over coffee crop development and hammered prices after Climatempo said Monday that "intense and persistent rainfall" is expected this week in Brazil's coffee-growing regions. Also, on Monday, Somar Meteorologia reported that Brazil's largest arabica coffee-growing area, Minas Gerais, received 79.8 mm of rain during the week ended December 12, or 155% of the historical average.
