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.