MILAN – Conab’s new estimate was bullish for coffee markets yesterday. In New York, the main contract fell 275 points to 261.65 cents, pushed down by the forecast of rain in Brazil’s coffee belt. In London, the benchmark lost $86 to settle at $5,248.
Thursday’s two-week Global Forecast System model showed rain is expected for Brazil’s coffee-growing regions next week during the all-important flowering period for Brazil’s coffee trees, reports Barchart
Meanwhile, it was announced that the International Coffee Organization will request a postponement of the EUDR’s scheduled entry into force on 31 December.
“We can’t meet that date, it is not possible,” said Vanusia Nogueira, executive director of the International Coffee Organization (ICO), in an interview with Reuters.
Nogueira was speaking on the sidelines of a coffee summit hosted by the Community of Latin American and Caribbean States (CELAC) in Tegucigalpa.
“It’s a very ambitious deadline,” Nogueira added. “We believe that by working with (EU leaders), they might be more open to postponing that date.”
Nogueira is confident that a solution will be reached: “The European people like coffee very much… they will not be left without coffee,” she added.
