September arabica coffee (KCU24) today is up +4.50 (+2.01%), and Sep ICE robusta coffee (RMU24) is up +24 (+0.58%).
Coffee prices today are climbing, with arabica and robusta posting 1-1/2 week highs. Coffee prices are moving higher on concerns that drier-than-normal conditions could adversely affect Brazil's and Vietnam's coffee crops. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received no rain last week for the fourth consecutive week. Minas Gerais accounts for about 30% of Brazil's arabica crop. Robusta coffee has carryover support from Monday when Vietnam's General Statistics Office reported that Vietnam's Jan-June coffee exports were down -10.6% y/y at 902 MT.
