July arabica coffee (KCN24) on Tuesday closed up +12.70 (+5.82%), and July ICE robusta coffee (RMN24) closed up +228 (+5.86%). Coffee prices Tuesday rallied sharply, with arabica jumping to a 1-month high. Coffee prices soared Tuesday on concern that excessive dryness in Brazil and Vietnam will damage coffee crops and curb global production. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received 5.3 mm of rain or 69% of the historical average in the past week. Minas Gerais accounts for about 30% of Brazil’s arabica crop. Last Wednesday, coffee trader Volcafe said Vietnam…