May arabica coffee (KCK24) on Wednesday closed up +11.20 (+4.73%), and May ICE robusta coffee (RMK24) closed up +229 (+5.72%). Coffee prices Wednesday rallied sharply, with arabica coffee jumping to a 2-year high and robusta coffee soaring to a new all-time high. Coffee prices have surged over the past month due to crop concerns in Brazil and Vietnam. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received 15.8 mm of rainfall in the past week, or 74% of the historical average. Minas Gerais accounts for about 30% of Brazil’s arabica crop. Robusta coffee is surging to new r…