Coffee prices fell on Friday, with September arabica closing down by $3.20 (-1.16%) and September ICE robusta down $35 (-0.96%). This decline comes in response to forecasts indicating drier weather in Brazil next week, which is expected to allow the resumption of coffee harvesting that was delayed by heavy rains.
In additional data, ICE arabica coffee inventories hit a 2.25-year low of 382,084 bags, while ICE robusta stocks increased to a 2.25-month high of 4,032 lots. The potential impact of a “Super El Niño,” which NOAA reports has a 67% probability of forming this year, raises concerns about future coffee crop yields in Brazil, complicating the market outlook.
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