Coffee Sep '20 (KCU20)
Coffee Futures Market News and Commentary
Sep arabica coffee (KCU20) on Monday closed down -2.85 (-2.47%), and Sep ICE Robusta coffee (DFU0) closed down -2 (-0.14%).
Coffee prices on Monday closed lower with arabica at a new 1-week low. Arabica coffee on Monday fell back on expectations of a faster pace for Brazil's coffee harvest. Somar Meteorlogia said Monday that there was no rain in Mina Gerais in the past week, which should allow the acceleration of Brazil's coffee harvest.
Losses in arabica coffee accelerated Monday after the Brazilian real fell -0.43% to a 1-1/2 week low against the dollar. The weaker real encourages export selling from Brazil's coffee producers.
Coffee prices last Wednesday rallied sharply with arabica at a 4-1/2 month high and robusta at an 8-month high on the outlook for a global coffee deficit. The ICO last Wednesday said it now sees a 2019/20 global coffee deficit of -486,000 bags compared with a June projection for a surplus of +1.85 million bags. The ICO also reported that... Read more
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