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COFFEE PRICES POSTED MODERATE GAINS - vyaparsampark.com
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Coffee prices posted moderate gains on 5/3/2024 with Arebica rising 2 week high and robusta rising 3 week high. Below average rains in Brazil’s growing regions supported Arebica prices and fall in Vietnam’s February 2024, exports by 20% year on year supported robusta prices. Tighter inventorie are supportive factor. Exports from Hondures during February rose by 26% year-on gain to 932,678 bags. Brazil’s Coffee crop production estimate is
hiked to 61.1 million bags from the previous estimate of 58.9 million bags by Safras & Mercado. On February 5 to its 2022-23 Brazil Coffee crop estimate. Brazil exporter group comexin on February 1st raised it, Brazil’s 2023-24 Coffee export estimate to 44.9 million bags from 41.5 million bags. Brazil’s estimating agency Conab estimated that Brazil’s 2024 Arebica Coffee production would rose by 5.4% year-on-year to 58.1 million bags. USDA estimated
Colombia’s 2023-24 coffee production would rose by 7.5% year-on-year to 11.5 million bags. According to USDA annual report of December 21st Global Coffee production in 2023-24 shows increase of 4.2% year-on-year o 171.4 million bags, with 10.7% increase in Arebica production to 97.3 million bags, decline by 3.3% in Robusta production to 74.1 million bags as per news sources. Stocks for 2023-24 end will fall by 4% to 26.5 million bags.