According to the media outlet, coffee inventories monitored by ICE Futures have extended 24 percent since October 2011. By February 17, Brazil's permits for coffee exports in February jumped 26 percent on the month. Brazilian markets were closed on February 21 and 22 for the Carnival festival.
"Brazilian sellers are back in the market," Hernando de la Roche, the director of futures at INTL FCStone in Miami, told the news source by phone. "Stocks are also rising."
As of 2:00 p.m. coffee futures were down 2.04 percent, or 4.2 cents, to $2.0185 per pound, according to Bloomberg.
Forexpros reports the bean is returning toward the 15-month low it hit last week as the possibility of a record Brazilian crop kept sentiment low. Last week, prices fell below $2.00 per pound for the first time since November 2010, while German coffee trader Neumann Kaffee Gruppe estimated Brazil's next coffee crop could reach 55 million bags.
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