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Arabica coffee prices fell sharply on good rains in Brazil

December arabica coffee was 2% lower at $2.2015 per lb​​ as rains in Brazil improved the outlook for next year’s crop in the world’s top producer.

Dealers said the market was underpinned, however, by short-term supply tightness driven by a drop in shipments from Brazil and Colombia.

Brazil’s IBGE on Thursday cut its forecast for this year’s coffee crop, while Colombia’s coffee production was seen falling to an eight-year low.

November robusta coffee fell 1.3% to $2,144 a tonne.

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