Robusta Coffee 10-T May '20 (RMK20)
Robusta Coffee 10-T Futures Market News and Commentary
May arabica coffee (KCK20) on Thursday closed down -0.90 (-0.81%), and May ICE Robusta coffee (DFK0) closed down -6 (-0.46%).
Coffee prices on Thursday gave up early gains and closed lower on weakness in the Brazilian real, which sank -0.52% and posted a new record low of 4.5002 reals/USD. A weaker real encourages export selling of arabica coffee by Brazil's coffee producers.
Coffee prices Thursday had earlier opened higher and posted 1-week highs on speculation the coronavirus outbreak will have only a limited impact on coffee demand.
Recent heavy rain in Minas Gerais, Brazil's largest arabica coffee-growing region, are also positive for coffee. Somar Meteorologia reported last Monday that rainfall in Minas Gerais measured 131.8 mm in the past week or 304% of the historical average. Those heavy rains saturated Brazil's coffee fields and may curb coffee yields.
Current U.S. coffee supplies are ample after last Wednesday's data from the Green Coffee Associ... Read more
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