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Barchart
Barchart
Rich Asplund

Dollar Strength and the Outlook for Rain in Brazil Undercuts Coffee Prices

Ice Brazil the USDA FAS Vietnam Cecafe ICO the International Coffee Organization

December arabica coffee (KCZ24) Thursday closed down -2.85 (-1.10%), and November ICE robusta coffee (RMX24) closed down -174 (-3.58%).

Coffee prices Thursday settled lower, with robusta coffee falling sharply to a 6-week low.  Thursday's rally in the dollar index (DXY00) to a 2-1/2 month high sparked long liquidation in coffee.  Also, improved chances for rain in Brazil ease drought concerns and undercut coffee prices after forecaster Maxar Technologies said Thursday that precipitation will increase in Brazil this week and next.

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