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Rich Asplund

Robusta Coffee Closes Sharply Higher on Tight Global Supplies

Ice Brazil Deficit El Nino Rabobank USDA FAS Vietnam

Sep arabica coffee (KCU23) on Friday closed up +0.45 (+0.28%), and Sep ICE robusta coffee (RMU23) closed up +111 (+4.42%).

Coffee prices Friday settled higher, with robusta up sharply at a 1-week high.  Friday's fall in the dollar (DXY00) to a 2-week low was bullish for most commodity prices, including coffee.  Robusta also moved higher on concerns about tighter global supplies, with Vietnam's coffee harvest this year expected to fall more than -7% to 1.67 MMT, the smallest crop in four years.  Vietnam is the world's largest producer of robusta coffee beans.  In addition, ICE-monitored robusta coffee inventories Friday fell to a 4-3/4 month low of 5,988 lots.

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