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Arabica climbs to a 2-week high while Robusta at 1-1/2 month high

Coffee prices are moderately higher, with arabica climbing to a 2-week high and robusta posting a 1-1/2 month high.  

Arabica is climbing today as forecasts for heavy rain over the next ten days in Brazil’s Minas Gerais region sparked fund short-covering.  

The heavy rain could flood coffee farms and curb yields in Minas Gerais, Brazil’s largest arabica coffee growing region.

March arabica coffee rose 1.9% to $1.7125 per lb, having gained 0.1% on Wednesday.

CTA analyst Ryan Delaney said coffee has garnered support from the massive hailstorm that hit top producer Brazil this week, which he estimates damaged the developing crop by 0.1-2.7 million bags.

March robusta coffee rose 0.2% to $1,882 a tonne.

Coffee markets in top robusta producer Vietnam were subdued this week, with buyers lacking interest and bulk supplies not reaching traders as beans were still in the drying process.

Also read  Much Higher Prices is expected for Robusta Coffee