Coffee Enters Bear Market as Brazil Sees Lower Crop Loss

Coffee futures entered a bear market after rains eased drought damage for plants in Brazil, the world’s top producer and exporter.

Growers are facing less severe crop losses than estimated after showers last month reduced the impact of the worst dry spell in 50 years, Brazil’s Agriculture Minister Neri Geller said on June 2. Next year, farmers may collect a “bumper” harvest, he said.