Coffee Report - November 3rd

The NY market has a new rally and closes with increases of more than 2% this Thursday

Arabica futures continue to reflect ICE's low and tight certified stocks - which are at the lowest levels in 24 years - as well as weather conditions in Brazil.

"Arabica coffee stocks monitored by ICE fell on Wednesday to a 24-year low of 380,033 bags. Meanwhile, Robusta coffee stocks monitored by ICE were today at 3,912 lots, just above the record low of 3,374 lots registered on August 31" , brings international Barchart analysis.

Traders are very focused on the climate in Brazil and how the impacts will be on the 2024 harvest. While the excess rainfall that has been recorded in important production regions, such as Minas Gerais, at the same time as they follow forecasts indicating more precipitation, moderate in the coming days.

Forecasts from the National Institute of Meteorology (Inmet) also indicate the rain condition in coffee areas in the coming days, with emphasis on the largest producing state, Minas Gerais, which is expected to receive the most significant volumes of rain.

In Brazil, with the All Souls' Day holiday, the market was at a standstill and there was no trading.

Source: Notícias Agrícolas