Coffee Jul '24 (KCN24)
Coffee Futures Market News and Commentary
September arabica coffee (KCU26) on Friday closed up +9.05 (+2.80%), and September ICE robusta coffee (RMU26) closed up +2 (+0.05%).
Arabica coffee settled sharply higher on Friday as near-term supplies continue to tighten. ICE arabica coffee inventories have steadily declined over the past 4.5 months and fell to a 2.5-year low on Friday.
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’s 2026/27 coffee harvest was 64% complete a... Read more
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