Coffee Futures Market News and Commentary
September arabica coffee (KCU22) on Monday closed down -1.10 (-0.49%), and Sep ICE Robusta coffee (RMU22) closed up +4 (+0.18%).
Coffee prices on Monday settled mixed with robusta climbing to a 5-month nearest-futures high. Arabica was under pressure Monday as heavy rain last week eased drought concerns in Brazil. Data from Somar Meteorologia on Monday showed that Minas Gerais received 17.8 mm of rain in the past week, or 659% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.
Robusta on Monday extended last week's rally to a new 5-month nearest-futures high. Vietnam's General Department of Customs reported last Monday that Vietnam's coffee exports in July fell -17.1% m/m to 113,852 tons. In the bigger picture, however, Vietnam's exports in the 7 months through July rose +17.3% y/y to 1.13 million tons. Vietnam is the world's biggest producer of robusta coffee beans. The USDA June 7 revised its 2021-22 coffee production estima... Read more