MILAN – Futures coffee prices in New York posted fresh new lows yesterday. The benchmark contract for May delivery settled down 0.45 cent, or 0.5 percent, at 91.65 cents per lb after dipping to an intraday minimum of 91.25 cents, the lowest level since December 2005.
A global surplus on the coffee market has dragged Arabica prices 10% down since the beginning of the year.
May Robusta coffee settled down $5, or about 0.4 percent, at $1,413 per tonne after dipping to a low of $1,395, the weakest for the front month since March 2016.
Brazilian coffee exports reached 3.209 million bags, or a 41% increase on year, according to preliminary data from Brazil’s Ministry of the Economy.
The harvest of Brazil’s Robusta crop is about to start and could hit a record high of around 20 million bags, dealers said.
