Coffee Futures Market News and Commentary
Dec arabica coffee (KCZ19) on Tuesday closed down -0.40 (-0.38%), and Jan ICE robusta coffee (DFF0) closed down -4 (-0.29%).
Coffee prices gave up early gains Tuesday and closed lower after the Brazilian real fell -0.54% to a 3-1/2 week low against the dollar. A weaker real encourages export selling by Brazil's coffee producers.
Coffee prices early Tuesday had moved higher on smaller global supplies. Cecafe reported late Monday that Brazil Oct green coffee exports dropped -14% y/y to 3.1 mln bags, although cumulative Jan-Oct green coffee exports were up +24.4% to 30.7 mln bags.
Robusta coffee found support on Tuesday's data from the General Department of Vietnam Customs that showed Vietnam Oct coffee exports plunged -37% y/y to 87,497 MT and Jan-Oct coffee exports are down -14.6% y/y to 1.35 MMT. Vietnam is the world's largest robusta exporter.
Brazilian coffee crop concerns eased as after Somar Meteorologia reported Monday that rainfall in Minas Gerais,... Read more