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Barchart
Barchart
Rich Asplund

Coffee Prices Supported by Dwindling Inventories and Adverse Brazil Weather

Ice Brazil Cecafe United States Vietnam arabica FAs

December arabica coffee (KCZ25) on Friday closed up +8.60 (+2.28%), and November ICE robusta coffee (RMX25) closed up +7 (+0.15%).

Coffee prices on Friday settled higher but remained below Thursday's 3.5-month highs.  Coffee prices have rallied sharply over the past four weeks due to concerns about tighter supplies and weather conditions in Brazil.  ICE robusta coffee inventories fell to a 1-month low of 6,552 lots on Thursday.  Also, ICE-monitored arabica inventories fell to a 1.25-year low of 710,196 bags on Friday.  Meanwhile, Somar Meteorologia reported Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received no rain during the week ended August 23.  Reports of damage to some of Brazil's coffee crop from last week's frost are also boosting prices.

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