MILAN – Despite a situation that remains very tense, the coffee futures markets experienced a relatively quiet day yesterday, Thursday 5 September. In New York, the contract for December delivery gained 105 points to close at 246.60 cents. In London, the contract for November delivery fell $1 to settle at $4,911. News from the world’s two largest producing countries continued to influence the coffee futures markets.
In Brazil, the National Institute of Meteorology (Inmet) issued a ‘red alert’ for drought risk across the country, while the normal start of the flowering season for the Arabica crop is only a few weeks away.
Meanwhile, preliminary export data released by the Brazilian government for August shows that green coffee exports totalled 3,451,183 bags, up around 4.9% on the same month last year.
In Vietnam, customs authorities report that the country shipped last month a total of 1,216,667 bags, 14.1% less than in August 2023.
This brings the total for the first 11 months of the 2023/24 coffee year to 23,441,199 bags: down 12.7% compared to the same period in 2022/23. Interestingly, export earnings, on the other hand, grew in the first 8 months of the calendar year by 34.8% to around $ 4 billion, reflecting this year’s surge in Robusta prices.
Ico anticipated that world exports of all forms of coffee reached 11.29 million bags in July, up 12.2% compared to the same month of 2023.
This brings cumulative exports for the first 10 months of the current coffee year to 115.01 million, up 10.5% on the same period in 2022/23.
Reassuring data came from Colombia, where production in August was 1,049,000 bags, up 20.3% on the same month last year.
This brings the output for the first 11 months of 2023/24 to a total of 11,678,000 bags, up 19.7% year-on-year. August exports rose by a quarter (+24.97%) to 1,021,000 bags, bringing the October to date total to 10,819,000 bags, an increase of 9.4%.
