Robusta price remains near record high: ICO market report

According to the September coffee market report from the International Coffee Organization (ICO), the price of robustas rose to a near record high, surpassing 120.00 US cents per pound.

The ICO Composite Indicator Price (I-CIP) averaged 153.13 US cents per pound in September, averaging 152.74 US cents per pound and ranging from 147.86 to 160.17 US cents per Pound fluctuates.

The intraday volatility of I-CIP followed a continuous downward trend and reached 6.3 percent, a decrease of 0.7 percentage points between August and September.

Arbitrage, measured between the London and New York futures markets, fell 1.8 percent to 44.41 US cents per pound in September.

Global green bean exports totaled 9.36 million bags in August 2023, compared to 9.07 million bags in the same month last year, an increase of 3.2 percent.

Robusta green bean exports totaled 3.47 million bags in August 2023, compared to 3.22 million bags in August 2022, an increase of 7.3 percent.

South America’s exports of all types of coffee increased 13 percent to 4.98 million bags in August, while exports of all types of coffee from Mexico and Central America fell 2 percent to 1.23 million bags, compared to 1.26 million in August 2022.

Exports of all forms of coffee from Asia and Oceania fell 14.9 percent to 2.72 million bags in August 2023, but rose 1.3 percent to 41.28 million bags in the first 11 months of the 2022/23 coffee year.

Total instant coffee exports fell 4.6 percent to 0.89 million bags in August 2023, compared to 9.3 million bags in August 2022, while roasted bean exports fell 39.9 percent to 58,226 bags in August 2023 decreased compared to 96,937 sacks in August 2022.

Global coffee production fell by 1.4 percent year-on-year to 168.5 million bags in the 2021/22 coffee year; However, an increase of 1.7 percent to 171.3 million bags is expected in 2022/23.

Global coffee consumption rose by 4.2 percent to 175.6 million bags in the 2021/22 coffee year. It is expected to rise 1.7 percent to 178.5 million bags in the 2022/23 coffee year. Under the current circumstances, the global coffee market is therefore expected to suffer another deficit year, with an estimated deficit of 7.3 million bags in the 2022/23 coffee year.

To read the full September ICO Coffee Market Report, click here.