"Sep arabica coffee (KCU21) on Thursday closed up +1.25 (+0.71%), and Sep ICE Robusta coffee (RMU21) closed down -6 (-0.349%).
Coffee prices on Thursday settled mixed. Coffee prices are consolidating after falling sharply from last week's highs as the market awaits damage reports from Brazil's coffee farms from last week's frosts. Surveys conducted by the government of Minas Gerais found that last week's frosts reached 194 municipalities, and more than 80% were impacted in some way. RR Consultants Rural on Tuesday said that abrupt swings in temperatures over the past 30 days in Brazil triggered severe defoliation on trees in arabica-coffee growing areas.
Drought concerns in Brazil are supporting gains in coffee prices after Somar Meteorologia on Tuesday said that rain in Brazil's arabica growing regions are not expected until the second half of this month. The all-important flowering period for Brazil coffee trees begins next month, and a lack rain may reduce coffee tree flowering and curb coffee yields. According to Rural Clima, current soil moisture in Minas Gerais is only around 20%, well below the 60% needed for coffee crop development. Brazil is in the midst of its worst drought in nearly 100 years...".
You may find a total story here:
« Back to index