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Barchart
Barchart
Rich Asplund

Robusta Coffee Climbs to a New Record High on Global Crop Concerns

Ice Brazil Vietnam ICO USDA

May arabica coffee (KCK24) on Friday closed up +4.30 (+1.95%), and May ICE robusta coffee (RMK24) closed up +57 (+1.48%).

Coffee prices on Friday settled moderately higher, with Arabica posting a 7-1/2 month high and Robusa posting a new all-time high.  Coffee crop concerns in Brazil and Vietnam are fueling fund buying of coffee futures.  Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 2.5 mm of rainfall in the past week, or 12% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  Robusta coffee is surging to new record highs on fears that excessive dryness in Vietnam will limit the country's robusta coffee production.

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