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Rich Asplund

Arabica Coffee Closes Sharply Lower as Supply Fears Recede

Ice Vietnam Brazil ICO the International Coffee Organization USDA El Nino USDA FAS

March arabica coffee (KCH24) on Wednesday closed down -8.50 (-4.63%), and Jan ICE robusta coffee (RMF24) closed down -21 (-0.81%).

Coffee prices Wednesday retreated, with arabica coffee falling sharply as concerns about global coffee supplies recede.  On Tuesday, the International Coffee Organization (ICO) projected 2023/24 global coffee production will climb +5.8% y/y to 178 million bags due to an exceptional off-biennial crop year.  ICO also projects global 2023/24 coffee consumption will rise +2.2% y/y to 177 million bags, resulting in a 1 million bag coffee surplus.

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