Coffee Sep '19 (KCU19)
Coffee Futures Market News and Commentary
Mar arabica coffee (KCH21) this morning is down -0.05 (-0.04%), and March ICE Robusta coffee (RMH21) is down -7 (-0.53%).
Coffee prices this morning are little changed. A rally in the dollar index to a 1-week high is negative for most commodity prices, including coffee. Also, a rebound in ICE coffee inventories is weighing on coffee prices. ICE-monitored arabica coffee inventories have been trending higher over the past 3 months and on Tuesday rose to a 6-1/4 month high of 1.610 mln bags, recovering further from the 20-3/4 year low of 1.096 mln bags posted on October 5. Also, ICE-monitored robusta coffee inventories climbed to a 9-1/2 month high last Thursday, rebounding from the 2-year low of 10,808 lots posted on October 14.
Robusta prices have a negative carry-over from Conab's forecast last Thursday that Brazil's 2021 robusta coffee production will increase as much as 16% y/y to 16.6 million bags.
A bearish factor for coffee was last Tu... Read more
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