September arabica coffee (KCU24) today is up +7.80 (+3.17%), and Sep ICE robusta coffee (RMU24) is up +190 (+4.04%).
Coffee prices today are sharply higher, with arabica posting a 2-1/2 year nearest-futures high and robusta posting an all-time high. Dry conditions in Brazil and Vietnam threaten global coffee crops and are fueling fund buying of coffee futures. Excessive dryness in Brazil may cause premature flowering of coffee trees and reduce yields for Brazil's 2024/25 coffee crop. Cooxupe, Brazil's top coffee cooperative, said coffee trees remain stressed as several coffee-growing regions in Brazil have not had meaningful rain in the last 120 days. Also, Somar Meteorologia reported Monday that Brazil's Minas Gerais region received no rain last week or 0% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
