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Barchart
Barchart
Rich Asplund

Coffee Prices Fall on Outlook for Higher Brazil Coffee Production

Ice Brazil USDA Vietnam Cecafe ICO USDA FAS

Dec arabica coffee (KCZ23) on Tuesday closed down -1.35 (-0.76%), and Jan ICE robusta coffee (RMF24) closed down -23 (-0.92%).

Coffee prices Tuesday fell moderately, with robusta posting a 1-week low.  Arabica coffee was under pressure Tuesday after the USDA's Foreign Agriculture Service (FAS) forecasted that Brazil's 2023/24 arabica production would climb +12.8% y/y to 44.9 mln bags due to higher yields and increased planted acreage.  The USDA's FAS also forecasts that 2023/24 coffee production in Colombia, the world's second-largest arabica producer, will climb +7.5% y/y to 11.5 mln bags.

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