Coffee May '20 (KCK20)
Coffee Futures Market News and Commentary
May arabica coffee (KCK20) on Friday closed up +5.30 (+5.05%), and May ICE Robusta coffee (DFK0) closed up +17 (+1.33%).
Coffee prices moved sharply higher Friday after Rural Clima forecast heavy rains through Feb 24 in Minas Gerais, Brazil's largest arabica coffee-growing region. Somar Meteorologia reported on Monday that rainfall in Minas Gerais measured 131.8 mm in the past week, or 304% of the historical average. Those heavy rains saturated Brazil's coffee fields and may curb coffee yields.
Arabica coffee prices were undercut by the fall in the Brazilian real to a new record low on Friday of 4.4051 reals/USD. A weaker real encourages export selling of arabica coffee by Brazil's coffee producers.
Current U.S. coffee supplies are ample after Wednesday's data from the Green Coffee Association showed U.S. Jan green coffee inventories rose +10.1% y/y to 6.669 mln bags.
Coffee prices last week saw support from reports of lower exports. Cecafe reported last... Read more
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