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Barchart
Barchart
Rich Asplund

Arabica Coffee Sinks as Supply Concerns Ease

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March arabica coffee (KCH24) this morning is down -7.90 (-4.30%), and Jan ICE robusta coffee (RMF24) is down -18 (-0.70%).

Coffee prices this morning are under pressure, with arabica coffee sharply lower as concerns about global coffee supplies ease.  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.   The ICO also projects global 2023/24 coffee consumption will climb +2.2% y/y to 177 million bags, resulting in a 1 million bag coffee surplus.

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