Couldn't disagree more.

"Ample rain in Brazil over the past week was negative for coffee prices after Somar Meteorologia on Monday said that there was 8.7 mm of rain last week, or 229% of the historical average, in the Brazilian state of Minas Gerais, the country's largest arabica-producing region."

This is nonsense. Almost fake news. "Ample rain", "8.7mm of rain last week, or 229% of the historical average".
This poor fellow does not knows that August is a regular dry month for the coffee belt and any rain is away over the average. And 8.7mm of rain is nothing, it does not help anything.