Coffee Sep '23 (KCU23)
Coffee Futures Market News and Commentary
May arabica coffee (KCK26) ton Monday closed up +0.75 (+0.25%), and May ICE robusta coffee (RMK26) closed up +27 (+0.81%).
Coffee prices settled higher on Monday, with arabica climbing to a 2-week high. Below-average rainfall in Brazil may curb coffee yields and is bullish for prices after Somar Meteorologia reported on Monday that Brazil's largest arabica coffee-growing area, Minas Gerais, received 4.2 mm of rain last week, or only 20% of the historical average.
Strength in the Brazilian real is also bullish for coffee prices as the real (^USDBRL) rallied to a 2-year high against the dollar on Monday. The stronger real discourages export sales from Brazil's coffee producers.
Tightness in robusta coffee supplies is supportive for robusta prices. ICE robusta inventories fell to a 1.25-year low of 3,955 lots on Monday. However, rising ICE inventories are also pressuring arabica coffee prices as ICE-monitored arabica inventories rose to a 6.25-month high of 585,62... Read more
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May NY world sugar #11 (SBK26 ) on Monday closed down -0.07 (-0.51%), and May London ICE white sugar #5 (SWK26 ) closed down -1.10 (-0.27%). Sugar prices...
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May ICE NY cocoa (CCK26 ) on Monday closed up +32 (+0.99%), and May ICE London cocoa #7 (CAK26 ) closed up +28 (+1.16%). Cocoa prices recovered from early...
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May arabica coffee (KCK26 ) ton Monday closed up +0.75 (+0.25%), and May ICE robusta coffee (RMK26 ) closed up +27 (+0.81%). Coffee prices settled higher...
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