July arabica coffee (KCN24) today is up +5.80 (+2.56%), and July ICE robusta coffee (RMN24) is up +58 (+1.36%).
Coffee prices today are posting moderate gains. Coffee prices continue to be supported by fears that excessive dryness in Brazil and Vietnam will damage coffee crops and curb global production. On May 22, coffee trader Volcafe said Vietnam's 2024/25 robusta coffee crop may only be 24 million bags, the lowest in 13 years, as poor rainfall in Vietnam has caused "irreversible damage" to coffee blossoms. Volcafe also projects a global robusta deficit of 4.6 million bags in 2024/25, a smaller deficit than the 9-million-bag deficit seen in 2023/24 but the fourth consecutive year of robusta bean deficits.
