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Barchart
Barchart
Rich Asplund

Strong Brazil Output Weighs on Arabica Coffee

Ice Brazil Vietnam ICO the USDA FAS

March arabica coffee (KCH24) on Friday closed down -1.30 (-0.68%), and Jan ICE robusta coffee (RMF24) closed up +32 (+1.13%).

Coffee prices on Friday settled mixed, with robusta climbing to a 5-1/2 month high.  The cash coffee market for robusta beans is tight as robusta coffee farmers in Vietnam and Brazil hold back sales in the spot market in anticipation of higher prices.  Arabica coffee is under pressure after Conab on Thursday revised their Brazil 2023 coffee production estimate upward by 700,000 bags to 55.1 million bags from a Sep forecast of 50.9 million bags.  

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