Monday 17 January 2022

Robusta coffee futures in London surge to a 10-1/4 year high on ICO’s export figures

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MILAN – Coffee futures surged to new highs on Friday after the International Coffee Organization’s (ICO) monthly figures on world coffee exports showed a 4.4% year-on-year decline to 9.68 million bags during the month of October. Ice Arabica coffee futures for March delivery closed up 675 points at 243.35 cents per lb. Ice Robusta futures for January delivery reached a new 10-1/4 year high of US$2,386.

According to the Ico, world coffee exports decreased by -4.4% in October to 9.68 million bags compared to 10.13 million bags in the same month of 2020/21.

Exports of Brazilian Naturals and Colombian Milds were down by 12.5% and 11.3% respectively. On the other hand, exports of Other Milds rose by 3.9%. Robusta exports were up by 4,4% to 3.5 million bags.

Exports for the 12 months ending October 2021 were slightly higher (+0.3%) to 128.48 million bags. Shipments of Arabica totalled 81.29 million bags up 2.8%; whereas Robusta exports amounted to 47.19 million bags compared to 49.05 million, or a 3.8% decrease over year.

Exports for all groups of Arabica were on the rise, with Brazilian Naturals, Colombian Milds and Other Milds up by 2.7%, 3.6% and 1.6% respectively.

Exports from Brazil edged up slightly (+0.3%) to nearly 42 million bags. Logistics problems and a shortage of shipping containers are still impacting Vietnam’s coffee exports that were 6.9% down on year.

Colombian coffee exports rose 2.5% to 12.8 million bags.

Shipments from Indonesia were 3.2% up on year. Uganda rose a whopping 21.4% to a record high of 6.5 million bags. India and Honduras also performed well with a 14% and 8.8% increase over year.

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