September arabica coffee (KCU24) on Monday closed down -6.60 (-2.65%), and Sep ICE robusta coffee (RMU24) closed down -34 (-0.74%). Coffee prices on Monday retreated due to increased precipitation in Brazil, which has alleviated concerns about dryness. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received 4.6 mm of rain last week, or 329% of the historical average. Minas Gerais accounts for about 30% of Brazil’s arabica crop. Last week, arabica coffee rallied to a 3-month high, and robusta coffee soared to a record high due to concerns that drier-than-normal conditions …