December arabica coffee (KCZ26) is up +6.50 (+2.26) today, and January ICE robusta coffee (RMF27) is up +43 (+1.34%).
Coffee prices are sharply higher today, with robusta climbing to a 1-week high. Tight coffee inventories are underpinning prices. ICE arabica inventories fell to a 1.5-month low of 222,035 bags last Wednesday, only modestly above the 27-year low of 217,646 bags posted on September 15. While Brazilian coffee has been arriving at ICE warehouses, it has not yet appeared in significant amounts in ICE certified stocks. Meanwhile, ICE robusta inventories have risen sharply since early October and posted a 1.25-year high of 6,809 lots on Thursday, backing off slightly to 6,711 lots today.
