Coffee Mar '23 (KCH23)
Coffee Futures Market News and Commentary
July arabica coffee (KCN26) on Thursday closed down -2.75 (-0.99%), and July ICE robusta coffee (RMN26) closed up +5 (+0.14%).
Coffee prices on Thursday gave up early gains and settled mixed as a rally in the dollar index ($DXY) to a 13-month high sparked long liquidation in coffee futures. Coffee prices have rallied sharply over the past week, hitting 5-week highs on Thursday, amid concerns that persistent rain in Brazil will delay the coffee harvest. Forecaster Vaisala said moderate to heavy rainfall is forecast across Brazil’s coffee-growing regions this week. Coffee prices also fell back from their best level after meteorologist Climatempo said that Brazil’s key coffee-growing regions are expected to see mostly dry weather next week.Â
ICE coffee inventories have trended lower over the past three months, which is supportive of coffee prices. ICE arabica coffee inventories fell to a 2.25-year low of 394,267 bags on Thursday. Meanwhile, ICE robusta inventories fell to... Read more
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