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Barchart
Barchart
Rich Asplund

Coffee Prices Close Lower on the Outlook for Increased Supplies from Brazil

Ice Brazil Vietnam Rabobank ICO USDA FAS

Dec arabica coffee (KCZ23) on Friday closed down -4.30 (-2.40%), and Jan ICE robusta coffee (RMF24) closed down -9 (-0.37%).

Coffee prices Friday closed moderately lower on the outlook for increased coffee supplies from Brazil.  Rabobank said that due to beneficial weather boosting coffee yields, Brazil's coffee exports in the 12 months ending June 2024 could increase as much as +18 % y/y to 42 mln bags.  However, losses in robusta were limited after Vietnam's agriculture department projected Vietnam's coffee production in the 2023/24 crop year could drop  -10% to 1.656 MMT, the smallest crop in four years, due to drought.  

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