May arabica coffee (KCK23) this morning is down -3.70 (-2.08%), and May ICE robusta coffee (RMK23) is down -5 (-0.24%).
Coffee prices this morning are moderately lower for a second day. Ideal growing conditions and reduced concerns about flooding in Brazil's coffee fields are bearish for coffee prices. The drier conditions should allow farmers in Minas Gerais, Brazil's largest arabica growing region, back into coffee fields to apply fertilizers and pesticides. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 11 mm of rain in the week ended March 19, or 24% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
