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Rich Asplund

SHOCKING: Coffee prices jump on crop concerns in brazil - You Need To See This

Ice Brazil Vietnam International Coffee Organization Rabobank USDA

May arabica coffee (KCK24) this morning is up +6.40 (+3.34%), and May ICE robusta coffee (RMK24) is up +162 (+4.66%).

Coffee prices this morning are sharply higher, with arabica posting a 4-week high and robusta posting a new record high. Coffee prices have carryover support from Monday on concern that recent heavy rain in Brazil's coffee-growing regions may have damaged coffee crops. Somar Meteorologia reported Monday that Brazil's Minas Gerais region received 75.4 mm of rainfall in the past week, or 335% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop.

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