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Barchart
Barchart
Rich Asplund

Coffee Prices Supported by the Outlook of Smaller Brazil Supplies

Ice Brazil USDA Vietnam the USDA FAS Cecafe the International Coffee Organization

March arabica coffee (KCH25) today is up +3.50 (+1.21%), and January ICE robusta coffee (RMF25) is up +8 (+0.17%).

Coffee prices today added to Wednesday's sharp gains, with Mar arabica posting a contract high and Dec arabica posting a new  13-year nearest-futures high.   Coffee prices gained today after the USDA's Foreign Agricultural Service (FAS) projected Brazil's 2024/25 coffee production at 66.4 MMT, below the USDA official forecast of 69.9 MMT.  The USDA's FAS also projected Brazil's coffee inventories of 1.2 million bags when the 2024/25 season ends in June, down a -26% y/y.  Coffee prices fell from their best levels today as a stronger dollar sparked profit-taking and long liquidation in coffee futures.  

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