The International Coffee Organization’s (ICO) July 2024 market report reveals its Composite Indicator Price (I-CIP) averaged at 236.54 US cents per pound in July, showing a 4.3 per cent increase from June 2024.
It also announced an I-CIP median value of 237.05 US cents per pound, which fluctuated between 224.77 and 251.68 US cents per pound.
According to the report, the London certified stocks continued to increase slightly in July 2024 by 1.7 per cent to 0.99 million bags. Certified stocks of Arabica coffee also showed slight expansion from June 2024, reaching 0.87 million 60-kilogram bags, a 0.9 per cent increase compared to June 2024.
The Colombian Milds and Other Milds increased from 3.0 per cent and 3.5 per cent, reaching 257.82 and 257.10 US cents per pound in July 2024 respectively. The Colombian Milds–Other Milds differential decreased from 2.00 to 0.72 US cents per pound.
The intra-day volatility of the I-CIP retracted by 0.9 per cent, averaging at 11.4 per cent in July 2024.
Global green bean exports in June 2024 totalled at 9.78 million bags, compared with 9.43 million bags in the same month of the previous year, and is up 3.8 per cent.
Shipments of the Other Milds increased by 2.4 per cent in June 2024 to 2.34 million bags from 2.29 million bags in the same interval last year.
Green bean exports of the Brazilian Naturals increased in June 2024, rising by 22.3 per cent to 3.1 million bags from 2.53 million bags in June 2023. The report attributes the sharp growth to the 20.3% and 81.5% increases in exports of the Brazilian Naturals from Brazil and Ethiopia.
Exports of the Colombian Milds increased by 26.0 per cent to 1.04 million bags in June 2024 from 0.82 million bags in June 2023.
In contrast, green bean exports of Robustas were down 12.7 per cent to 3.3 million bags in June 2024 from 3.78 million bags in June 2023.
Exports of all forms of coffee from Asia and Oceania decreased by 33.0 per cent to 2.43 million bags in June 2024.
In June 2024, South America’s exports of all forms of coffee increased by 34.7 per cent to 4.85 million bags.
Exports of all forms of coffee from Africa increased by 31.6 per cent to 1.75 million bags in June 2024 from 1.33 million bags in June 2023.
In June 2024, exports of all forms of coffee from Mexico and Central America were down 4.2 per cent to 1.76 million bags, as compared with 1.84 million in June 2023.
Total exports of soluble coffee increased by 6.5 per cent in June 2024 to 0.94 million bags from 0.88 million bags in June 2023.
Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 8.9 per cent in June 2024, down from 9.3 per cent in the same period a year ago. The report highlights Brazil was the largest exporter of soluble coffee in its shipment of 0.29 million bags in June 2024.
For details on the full report, click here.
