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Barchart
Barchart
Rich Asplund

Coffee Prices Under Pressure as Rain in Brazil Eases Drought Concerns

Ice Brazil Drought NOV Vietnam El Nino ICO the US Climate Prediction Center USDA FAS

Dec arabica coffee (KCZ23) on Monday settled unchanged, and Nov ICE robusta coffee (RMX23) closed down -34 (-1.44%).

Coffee prices Monday were under pressure, with robusta dropping to a 6-month low.   Coffee prices are being undercut as above-average rainfall in Brazil has eased drought concerns and improved Brazil's coffee production prospects.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 63.8 mm of rain in the past week, or 190% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.

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