Coffee prices hit 30-month low: ICO

The International Coffee Organization’s (ICO) Monthly Coffee Market Report has found a continuing decline in global coffee prices, with the composite indicator falling 4 per cent to its lowest level since April 2009.  The sharpest decline was observed in Robustas, which dropped by 6.6 per cent to their lowest monthly average in nearly three years. At the end of coffee year 2012-13, total production is
estimated  at  145.2  million  bags,  9.6 per cent  higher than the  previous  year, the ICO says.  The report estimates a decrease in the production of Other Milds, mostly due to damage from coffee leaf rust in Central America, although this has been more than compensated by increases in the other three coffee groups, especially Colombian Milds.  World consumption in calendar year 2012 is maintained at 142 million bags, representing an average annual growth rate of 2.4 per cent over the last four years. From 1 October 2013, the composition of market shares and their weightings in the calculation of the ICO composite indicator price and group indicator prices have been revised to reflect the patterns of trade over the last four years.