MILAN – Coffee futures prices were boosted yesterday by a weaker dollar that sparked short coverings pushing higher both markets. In New York, the March contract rose 2.8% to 303.70 cents. London coffee futures fared even better, with the main contract for January delivery up 3.1% to $4,770.
Good news from Colombia, where October production rose 37% to 1.76 million bags. The National Federation of Coffee Producers reported that country produced 1.761 million bags in November, up 37.4% from the same month last year.
This brings the total for the first two months of the 2024/25 coffee year to 3.1 million bags, up 27.1% year-on-year.
Production over the last 12 months has risen to 13.41 million, 21% more than the same period last year.
Exports also recovered, reaching 987,000 bags in November, up 7.6% year-on-year. More than 90 thousand hectares have been replanted this year with improved rust resistant varieties, this is the highest rate in 11 years.
Exports in the first two months reached 2.236 million, up 11.6% on the same period last year.
The National Association of Colombian Coffee Exporters, Asoexport, has sounded the alarm over the risk of the South American country’s coffee being stranded in local ports due to the lack of availability of containers and ships for export at a time when the product is experiencing an all-time high in prices.
‘This positive outlook could be threatened by a disruption in the export logistics chain due to the lack of availability of containers and space on ships for shipping Colombian coffee to the different destination ports,’ warned Gustavo Gómez, president of Asoexport.
In Brazil, Cecafé have reported preliminary export data for November showing a 5,7% increase in coffee exports to a total 4.42 million bags, of which 3.72 million bags were Arabica and 694,209 bags Robusta coffee. Cecafé’s full figures for November 2024 are likely to be released next week.
