Thursday 23 May 2024
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Coffee futures in NY and London close mixed on harvest pressures

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  • Dalla Corte
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MILAN – Coffee futures prices closed mixed on Thursday. The Ice Arabica contract for December delivery inched 105 points lower to 222.20 cents after having reached a three-week low of $2.2065. November ICE Robusta coffee closed up $38 at $2,276. Harvest pressures are weighing on Arabica coffee, analysts say.

The Brazilian Institute of Geography and Statistics (IBGE) revised up its estimate for the 2022/23 to 53.7 million bags, up 0.9% from the previous estimate and 9.6% compared to last year’s crop.

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The slight increase in comparison with the August forecast is due to a higher estimate for the Robusta coffee crop, IBGE explained.

The average yield of the total crop, of 1,739 kg/hectare, increased 8.2% year-on-year, added the IBGE.

Gimoka

With the harvest virtually over, the Arabica coffee crop was estimated at 35.1 million bags of 60 kg, practically stable compared to the August forecast and up 9.7% in relation to the previous year.

For Robusta coffee, the production estimate was 18.6 million bags of 60 kg, an increase of 2.5% compared to the previous month and 9.4% compared to 2021.

More rain is forecast in southern coffee areas in Brazil, though conditions are dry overall, with ongoing La Nina, which usually causes drier-than-normal weather, ongoing.

Cooxupé, Brazil’s biggest coffee cooperative, reported that Brazil’s coffee harvest was 95% completed as of September 2nd. Coffee producer sales typically increase during harvest time to make space for storing their newly picked crops.

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