Sep arabica coffee (KCN23) this morning is up +1.75 (+1.10%), and Sep ICE robusta coffee (RMN23) is up +50 (+2.01%).
Coffee prices this morning are moderately higher as they consolidate last week's losses. Sep arabica coffee last Thursday posted a 5-month low, and Sep robusta fell to a new 1-month low. Coffee prices are being undercut by favorable weather in Brazil that has eased frost fears and paved the way for an even quicker harvest. Also, an increase in supplies is bearish for prices after coffee exports from Honduras, the largest coffee-producing country in Central America, rose +37% y/y in June to 1.004 million bags.
