
March arabica coffee (KCH26) today is down -14.00 (-4.20%), and March ICE robusta coffee (RMH26) is down -193 (-4.79%).
Coffee prices are extending their week-long plunge today, with arabica falling to a 5.5-month low and robusta sliding to a 6-week low. Coffee prices have been under pressure over the past week amid forecasts of steady rains in Minas Gerais, Brazil's main coffee-growing region. 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.