December arabica coffee (KCZ25) today is up +4.45 (+1.14%), and November ICE robusta coffee (RMX25) is down -82 (-1.85%).
NY coffee prices today extended the plunge from last Thursday's 8.75-month nearest-futures high to post a new 2-week low, but then recovered on some short-covering. Coffee prices are being undercut by forecasts for rain this week in key coffee-growing areas of Brazil, which would at least partially alleviate dry conditions from last week. Somar Meteorologia reported Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received only 0.3 mm of rain during the week ended October 24, or 1% of the historical average.
