May arabica coffee (KCK24) this morning is up +6.45 (+2.79%), and May ICE robusta coffee (RMK24) is up +48 (+1.21%).
Coffee prices this morning are sharply higher, with arabica climbing to a 1-1/2 year high and robusta coffee posting a new all-time high. Coffee crop concerns in Brazil and Vietnam are fueling fund buying of coffee futures. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 15.8 mm of rainfall in the past week, or 74% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop. Robusta coffee is surging to new record highs on fears that excessive dryness in Vietnam will limit the country's robusta coffee production.
