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Barchart
Barchart
Rich Asplund

Lack of Farmer Selling and Weather Concerns Boost Coffee Prices

Ice Brazil the USDA FAS Vietnam arabica Cecafe ICO Minas Gerais the International Coffee Organization

December arabica coffee (KCZ24) today is up +9.30 (+3.63%), and January ICE robusta coffee (RMF25) is up +125 (+2.79%).

Coffee prices today are sharply higher, with arabica climbing to a 6-week high and robust posting a 3-week high.  The lack of sales by Brazil's coffee farmers hoping for higher prices has tightened supplies in the cash market and is underpinning coffee prices.  Also, the outlook for hot and dry conditions to persist in Minas Gerais, Brazil's biggest Arabica coffee-producing region, is supporting arabica prices.  Meteorologist Climatempo said Monday that after a brief spell of rains mid-week in Minas Gerais, forecasts have turned hotter and drier for the region over the next 10 days.

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