Coffee prices on Monday November 27 closed moderately higher. Nearest-futures arabica coffee (KCZ23) Monday posted a 5-1/4 month high, and robusta coffee on November 16 posted a 2-1/4 month high due to shrinking ICE coffee inventories. ICE-monitored arabica coffee inventories on November 16 fell to a 24-year low of 289,699 bags. Meanwhile, on Monday, ICE-monitored robusta coffee inventories were at 4,254 lots, moderately above the record low of 3,374 lots posted on August 31. Gains in arabica coffee are limited by negative carryover from last Wednesday when the USDA's Foreign Agriculture Service (FAS) projected Brazil's 2023/24 arabica production would climb +12.8% y/y to 44.9 mln bags due to higher yields and increased planted acreage. The USDA's FAS also forecasts that 2023/24 coffee production in Colombia, the world's second-largest arabica producer, will climb +7.5% y/y to 11.5 mln bags. Robusta coffee has carryover support from last Wednesday when the USDA's FAS cut its 2023/24 Vietnam coffee production estimate to 27.8 mln bags from a May estimate of 31.3 mln bags, citing unfavorable weather due to the El Nino weather pattern. The USDA's FAS also cut its 2023/24 Vietnam coffee ending stocks estimate to 359,000 bags from a May estimate of 2.76 mln bags. Vietnam is the world's largest producer of robusta coffee beans. Below-normal rain in Brazil could curb coffee yields and is supportive of prices. Somar Meteorologia reported last Monday that Brazil's Minas Gerais region received 5.9 mm of rainfall in the past week, or 12% of the historical average. Minas Gerais accounts for about 30% of Brazil's arabica crop. A negative factor for robusta coffee is increased supplies from Uganda, the world's fourth-largest robusta producer. Last Monday, the Uganda Coffee Development Authority reported that Uganda's October coffee exports rose +3.4% y/y to 470,080 bags.