Global coffee stocks in 2023-24 season an expected to hit lowest since 12 years as production will be close to total use according to USDA. March robusta coffee futures hit highest in 15 years to $ 2964 per ton as on 21/12/2023. Vietnam robusta coffee prices hit record high in this week. March arebica coffee rose 1.6% at 1.936/lb, hit highest since April on 20/12/2023. USDA cuts its 2023/24 global coffee production estimate to 171.4 million bags from June estimate of 174.3 million bags. USDA also cut its 2023/24 global coffee ending stocks estimate to 26.5 million bags from a June estimate of 31.8 million bags. Coffee prices also have support on concerns over ongoing dry weather in Brazil would damage crops. ICE monitered Arebica coffee inventories fell to 24 year low of 224,066 bags on November 30, 2023. ICE on Thursday monitered robusta coffee inventories were at 3391 lots, just above the record low of 3374 lots posted on August 31.