December arabica coffee (KCZ24) today is down -3.85 (-1.50%), and November ICE robusta coffee (RMX24) is down -143 (-2.80%).
Coffee prices today extended Wednesday's selloff, with arabica falling to a 1-1/2 week low and robusta falling to a 3-week low. Coffee is under carryover pressure from Wednesday when the European Commission postponed an anti-deforestation law for one year. The legislation, scheduled to go into effect December 30, is aimed at curbing forest clearance in countries that send products, including coffee, to the EU. The postponement of the law allows certified coffee stockpiles held at European warehouses to be used to satisfy contracts, reducing concerns that the new law would lead to the decertification of the coffee and limit existing coffee supplies.
