Coffee Caps Biggest Drop Since 2010 on Forecast for Brazil Rains
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Coffee futures in New York yesterday capped the biggest two-day decline since 2010 as rains aid Brazilian crops damaged by a drought that boosted prices almost 60 percent this year.
In the next five days, a cold front will bring more precipitation to Brazil’s Parana and Sao Paulo, with rain expected by the weekend in Minas Gerais, the top producing state, MDA Weather Services said. After the worst dry spell in decades hampered crops in January and February, more than 6.9 inches (17.5 centimeters) of rain has fallen in some growing areas this month, or about 44 percent above normal, according to Brad Harvey, a meteorologist with MDA.