July arabica coffee (KCN23) this morning is up +2.00 (+1.11%), and July ICE robusta coffee (RMN23) is up +30 (+1.17%).
Coffee prices this morning are moderately higher. Strength in the Brazil real (^USDBRL) is boosting coffee prices as the real today rose to a 2-1/2 week high against the dollar. Coffee prices also garnered support on concerns heavy rain in Brazil's coffee-growing areas will slow the country's coffee harvest. Somar Meteorologia reported today that Brazil's Minas Gerais region received 31.4 mm of rain in the week ended June 4, or 158% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
