Coffee

Arabica coffee futures on ICE were trading around $2.3, close to an over three-month high of $2.4 hit on June 1st, amid general real strength and concerns over tight supplies. Dealers said the market remains well supported by a limited flow from Brazil and Central America, with the harvest in top grower Brazil lagging its historical average. Meanwhile, the Colombian Coffee Growers’ Federation reported on May 5th that Colombian April coffee exports slipped 18% y/y to 845,000 bags. At the same time, the US Department of Agriculture projected the Colombian 2022/23 coffee crop at 13 million bags, stable from 2021/22. Historically, Coffee reached an all time high of 339.86 in April of 1977. Arabica coffee it is the world benchmark for coffee futures contracts that trade on the Inter Continental Exchange (ICE). Arabica accounts for 75 percent of the world’s production and is mostly cultivated in Brazil (40% of the world’s total supply) and Colombia. Robusta account for the remaining 25% and is mostly produced in Vietnam (15% of global supply) and Indonesia. Other major exporters include: Peru, India, Uganda, Ethiopia, Mexico and Cote Ivoire. Robusta is the coffee bean that is popular in Europe and espresso coffees while Arabica beans are popular in the United States.

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