According to the latest coffee market report from the International Coffee Organization (ICO), the value of robustas remained at a near record high of 124.62 US cents per pound in August.
Robustas green bean exports reached 3.59 million bags in July 2023, compared with 3.22 million bags in July 2022, an increase of 11.6 percent.
The ICO Composite Indicator Price (I-CIP) averaged 154.53 US cents per pound in August, averaging 151.1 US cents per pound and fluctuating between 148.79 and 163.62 US cents per pound .
The spread between Colombian milds and other milds oscillated from -2.91 to 0.82 US cents per pound, returning to positive territory after a reversed spread in July.
Arbitrage measured between the London and New York futures markets fell 1.6 percent to 45.23 US cents a pound in August.
Exports of all forms of coffee from South America fell 2.2 percent to 4.16 million bags in July 2023. Colombia and Peru saw their exports fall by 17.1 percent and 37.5 percent, respectively.
Mexico and Central America recorded a 9.4 percent increase in all coffee exports in July 2023 to a total of 1.66 million bags compared to 1.51 million bags in July 2022.
Total soluble coffee exports fell by 16.6 percent to 0.84 million bags in July 2023, compared with 1.0 million bags in July 2022.
Global coffee production fell 1.4 percent year-on-year to 168.5 million bags in the 2021-22 coffee year. This figure is expected to increase again by 1.7 per cent to 171.3 million bags in 2022/23.
Global coffee consumption rose by 4.2 percent to 175.6 million bags in the 2021/22 coffee year. The ICO expects that number to increase by 1.7 percent to 178.5 million bags in the 2022/23 coffee year.
The ICO expects the global coffee market to suffer another deficit year, with an estimated deficit of 7.3 million bags in the 2022/23 coffee year.
To access the full report, click here.
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