Dec arabica coffee (KCZ23) this morning is down -0.15 (-0.10%), and Nov ICE robusta coffee (RMX23) is up +2 (+0.08%).
Coffee prices this morning are little changed. Improved weather conditions in Brazil have sparked fund selling of coffee futures and knocked arabica coffee prices down to an 8-3/4 month low last Friday. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 58.4 mm of rain in the past week, or 188% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop. Forecaster Maxar Technologies said Brazil's coffee growing areas will see moderate to heavy rain in the next ten days, which should boost soil moisture for cherry growth, trigger widespread flowering of coffee plants, and boost the yields for Brazil's 2024/25 coffee crop.
