Coffee Jul '19 (KCN19)Get Real-Time Futures
Coffee Futures Market News and Commentary
July arabica coffee (KCN19) on Thursday closed up by +1.00 (+1.08%) and July ICE robusta coffee (RMK19) closed down by -1 (-0.07%). Coffee prices settled mixed Thursday with July robusta coffee at a contract low and nearest-futures May robusta at a fresh 3-year low. Arabica coffee moved higher Thursday after the Brazilian real recovered from a 4-week low against the dollar and moved higher. A stronger real discourages export selling by Brazil's coffee producers. Arabica coffee also moved higher Thursday after Somar Meteorologia forecast above-average rainfall in Brazil's coffee-growing areas over the next month, which may delay the arabica coffee harvest. Somar Meteorologia reported Monday that rainfall in Minas Gerais, Brazil's biggest arabica coffee growing region, was 44.2 mm in the past week or 388% of the historical average. Fund selling pressured robusta coffee prices Thursday after Radiant Solutions said beneficial rain in Vietnam and Indonesia will boost coffee yields. Vietnam is the world's largest grower of robusta coffee beans. July arabica coffee posted a contract low and nearest-futures May slumped to a 14-1/2 year nearest-futures low last Thursday as abundant global supplies keep coffee prices on the defensive. The International Coffee Organization (ICO) on Apr 4 raised its global 2018/19 coffee surplus estimate to 3.1 mln bags from a prior estimate of 2.29 mln bags. Current supplies are robust as ICE-monitored coffee inventories are modestly below the 4-3/4 year high of 2.503 mln bags from Mar 25.
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DJ U.S. Export Sales: Weekly Sales Totals – Apr 25 For the week ended Apr 18, in thousand metric tons, except cotton in [...]
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- Softs Report 04/22/19
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