March arabica coffee (KCH25) today is down -12.30 (-2.87%), and March ICE robusta coffee (RMH25) is down -3 (-0.05%).
Coffee prices today gave up early gains and turned lower as profit-taking by funds morphed into long liquidation pressures after sell-stops were triggered as prices declined. Coffee prices initially moved higher today, with arabica coffee posting a new all-time nearest-futures high. Below-normal rain in Brazil heightened coffee crop concerns and is bullish for coffee prices after Somar Meteorologia reported Monday that Brazil's biggest arabica coffee growing area of Minas Gerais received 53.9 mm of rain last week, or 85% of the historical average. Brazil is the world's biggest arabica coffee growing country.
