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Barchart
Rich Asplund

Coffee Posts Moderate Gains as Dollar Weakness Spurs Short Covering

Ice Vietnam Brazil arabica El Nino the USDA FAS USDA USDA FAS

March arabica coffee (KCH24) this morning is up +2.35 (+1.34%), and Jan ICE robusta coffee (RMF24) is up +27 (+1.05%).

Coffee prices this morning are moderately higher as a weaker dollar spurred some short-covering in coffee futures.  Coffee prices have been under pressure the last couple of sessions as supply fears receded.  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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