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Coffee Closes Moderately Higher On Forecasts For Dry Conditions In Brazil

Coffee prices Wednesday posted moderate gains.  The outlook for dry conditions in Brazil over the next week sparked short-covering in coffee futures Wednesday after Somar Meteorologia forecasted a limited chance of precipitation in Brazil's coffee-growing regions over the next week.  Somar Meteorologia already reported Monday that Minas Gerais received 11.5 mm of rain in the past week, or 52% of the historical average.  Minas Gerais accounts for about 30% of Brazil's arabica crop.  

July arabica coffee KCc2 edged up 0.1% to $2.1420 per lb, having hit its lowest since mid-May at $2.1100 on Tuesday​.

July robusta coffee LRCc2 rose 0.2% to $2,047 a tonne.

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