Robusta Coffee 10-T May '19 (RMK19)Get Real-Time Futures
Robusta Coffee 10-T Futures Market News and Commentary
May arabica coffee (KCK19) this morning is up +1.35 (+1.42%) and May ICE robusta coffee (RMK19) is up +14 (+0.94%). Coffee prices are recovering from recent losses today as strength in the Brazilian real against the dollar spurs fund short-covering. A stronger real discourages exports from Brazil's coffee producers. May arabica coffee tumbled to a contract low Wednesday and May robusta held just above Friday's contract low on ample coffee supplies and rain in Brazil. Researcher Cepea on Wednesday projected Brazil 2018/19 coffee exports may climb to a record 40 mln bags. Also, ICE-monitored coffee inventories climbed to a 4-1/2 year high of 2.5 mln bags on Tuesday and CeCafe reported last Wednesday that Brazil Feb arabica coffee exports jumped +40.5% y/y to 3.1 mln bags. In addition, abundant rainfall in Brazil is benefiting Brazil's coffee crops after data from Somar Meteorologia on Monday showed that rainfall in Minas Gerais, Brazil's largest arabica coffee growing region, measured 56.8 mm in the past week, or 131% of the historical average. A positive factor for coffee was last Friday's data from the Green Coffee Association that showed U.S. Feb green coffee inventories fell -4% y/y to 6.26 mln bags. A positive factor for robusta coffee is smaller robusta supply after recent data from Vietnam's Department of Customs showed that Vietnam Jan-Feb coffee exports fell -10.1% y/y to 317,148 MT.
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