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Barchart
Rich Asplund

Lack of Farmer Selling in Brazil is Boosting Coffee Prices

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

December arabica coffee (KCZ24) today is up +6.95 (+2.64%), and January ICE robusta coffee (RMF25) is up +62 (+1.37%).

Coffee prices today extended this week's rally, with arabica posting a 6-week high and robust posting a 3-week high.  Brazil's coffee farmers are holding coffee supplies back from the market in hopes of higher prices, which has tightened coffee supplies in the cash market and is boosting 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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