The International Coffee Organization’s (ICO) March 2023 market report shows its Composite Indicator Price (I-CIP) lost 2.7 per cent from February 2023 to March 2023, averaging 170.03 US cents per pound for the latter, while posting a median value of 170.11 US cents per pound.
Average prices for all group indicators decreased in March 2023, except for the Robustas. The Colombian Milds-Other Milds led the way, shrinking 66.8 per cent to 2.87 US cents per pound.
Intra-day volatility of the I-CIP decreased 0.6 percentage points between February 2023 and March 2023, reaching 8.1 per cent.
The New York certified stocks decreased 6.7 per cent from the previous month, closing in at 0.80 million 60-kilogram bags, whilst certified stocks of Robusta coffee reached 1.27 million 60-kilogram bags, representing an increase of 7.2 per cent.
Global green bean exports in February 2023 totalled 7.94 million bags, as compared with 9.95 million bags in the same month of the previous year, down 20.23 per cent.
Shipments of the Other Milds decreased by 16.0 per cent in February 2023 to 1.72 million bags from 2.04 million bags in the same period last year.
Green bean exports of the Brazilian Naturals fell in February 2023, diminishing by 33.0 per cent to 2.34 million bags. Exports of the Colombian Milds decreased by 6.8 per cent to 0.99 million bags in February.
Green bean exports of the Robustas amounted to 2.89 million bags in February 2023, as compared with 3.35 million bags in February 2022.
In February 2023, South America’s exports of all forms of coffee decreased by 29.8 per cent to 3.48 million bags.
Exports of all forms of coffee from Asia and Oceania decreased by 15.3 per cent to 2.99 million bags in February 2023. Exports of all forms of coffee from Africa increased by 2.2 per cent to 1.02 million bags in February 2023 from 1.0 million bags in February 2022.
In February 2023, exports of all forms of coffee from Mexico and Central America were up 2.4 per cent to 1.42 million bags as compared with 1.39 million in February 2022.
Total exports of soluble coffee increased by 5.8 per cent in February 2023 to 0.92 million bags from 0.87 million bags in February 2022.
Exports of roasted beans were up 6.2 per cent in February 2023 to 50,140 bags, as compared with 47,212 bags in February 2022.
World coffee production decreased by 1.4 per cent to 168.5 million bags in coffee year 2021/22; however, it is expected to bounce back by 1.7 per cent to 171.3 million bags in 2022/23.
World coffee consumption increased by 4.2 per cent to 175.6 million bags in coffee year 2021/22. It is expected to increase to 178.5 million bags in coffee year 2022/23.
As a result, the world coffee market is expected to undergo another year of deficit, with a shortfall of 7.3 million bags in coffee year 2022/23.
For more information, click here.
