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Barchart
Barchart
Rich Asplund

Tight ICE Inventories and Heavy Rains in Vietnam Support Coffee Prices

Ice Brazil Vietnam United States Cecafe Conab FAs

December arabica coffee (KCZ25) today is up +6.70 (+1.80%), and November ICE robusta coffee (RMX25) is up +70 (+1.67%).

Coffee prices are sharply higher today on tighter ICE inventories and crop concerns in Vietnam.  The 50% tariffs imposed on US imports from Brazil have led to a sharp drawdown in ICE coffee inventories, a bullish factor for coffee prices.  ICE-monitored arabica inventories fell to a 1.5-year low of 571,754 bags on Monday.  ICE robusta coffee inventories fell to a 2-month low of 6,464 lots on September 19.  American buyers are voiding new contracts for purchases of Brazilian coffee beans due to the 50% tariffs imposed on US imports from Brazil, thereby tightening US supplies, as about a third of America's unroasted coffee comes from Brazil.

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