Coffee Mar '17 (KCH17)
Coffee Futures Market News and Commentary
September arabica coffee (KCU26) closed down -2.75 (-0.84%) on Thursday, and September ICE robusta coffee (RMU26) closed up +7 (+0.19%).
Coffee prices settled mixed on Thursday. Arabica coffee retreated on Thursday amid forecasts for mostly dry weather in Brazil’s coffee-growing regions over the next week, which should allow for the pace of the country’s coffee harvest to speed up.
On Tuesday, coffee prices rallied to 2-week highs amid concern that heavy rain in Brazil will further disrupt the country’s coffee harvest and tighten global supplies. On Monday, Somar Meteorologia reported that 32.4 mm of rain, or 2700% of the historical average, fell in the week ended July 26 in Minas Gerais, Brazil’s biggest coffee-growing region.
The slow pace of Brazil’s coffee harvest is supportive of coffee prices. The harvest among members of Cooxupe co-op was 58.3% complete as of July 24, behind the year-earlier pace of 67%. On July 17, Safras & Mercado reported that Brazil’... Read more
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