December arabica coffee (KCZ25) on Tuesday closed down -2.20 (-0.56%), and November ICE robusta coffee (RMX25) closed down -1 (-0.02%).
NY coffee prices on Tuesday extended the plunge from last Thursday's 8.5-month nearest-futures high to post a new 2-week low. Coffee prices are being undercut by forecasts for rain this week in key coffee-growing areas of Brazil, which would 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.
