May arabica coffee (KCK24) on Thursday closed up +5.90 (+3.17%), and May ICE robusta coffee (RMK24) closed up +72 (+2.18%). Coffee prices on Thursday rallied sharply, with May arabica posting a 2-1/4 month high and May robusta posting a contract high. Also, nearest-futures (H24) robusta soared to a new record high. Below-average rainfall in Brazil’s coffee-growing regions is bullish for coffee prices. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received only 29.4 mm of rainfall in the past week, or 50% of the historical average. Minas Gerais accounts for about 30% of B…