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Barchart
Rich Asplund

Robusta Coffee Soars to a Record as USDA Cuts its Global Production Estimates

USDA Ice Brazil Vietnam ICO

March arabica coffee (KCH24) this morning is up +3.00 (+1.57%), and Jan ICE robusta coffee (RMF24) is up +194 (+6.45%).

Coffee prices this morning are moving higher, with robusta soaring to a new all-time high.  Coffee prices garnered support from today's biannual USDA report, where the USDA cut its 2023/24 global coffee production and ending stocks estimates.  The USDA cut its 2023/24 global coffee production estimate to 171.4 million bags from a June estimate of 174.3 million bags.  The USDA also cut its 2023/24 global coffee ending stocks estimate to 26.5 million bags from a June estimate of 31.8 million bags.  Robusta coffee prices surged today after the USDA cut its 2023/24 global robusta production estimate to 74.1 million bags from a June estimate of 78.0 million bags.

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