Robusta Coffee 10-T Futures Market News and Commentary
Dec arabica coffee (KCZ23) on Friday closed down -1.05 (-0.71%), and Nov ICE robusta coffee (RMX23) closed down -7 (-0.28%).
Coffee prices Friday settled moderately lower, with arabica posting an 8-1/2 month nearest-futures low. Forecasts for rain this week and next in Brazil's coffee-growing areas are weighing on arabica coffee prices. Recent weakness in the Brazilian real is also bearish for coffee prices after the real (^USDBRL) fell to a 3-3/4 month low against the dollar on Wednesday, encouraging export selling by Brazil's coffee producers.
Arabica prices have carryover pressure from last Wednesday after Conab, Brazil's crop forecasting agency, raised its 2023 Brazil arabica coffee crop estimate to 38.2 million bags from May's forecast of 37.9 million bags. Robusta coffee is also under pressure after ICE-monitored robusta coffee inventories on Monday rose to a 1-1/2 month high of 4,307 lots.
In a supportive factor for robusta coffee, Vietnam's General Dep... Read more