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I-CIP declined but regained momentum throughout January: ICO report

ICO January 2022 market report

The International Coffee Organization’s (ICO) January 2022 market report shows its Composite Indicator Price (I-CIP) lost 0.1 per cent from December 2022 to January 2023, averaging 156.95 US cents per pound for the latter, whilst posting a median value of 155.54 US cents per pound.

Average prices for all group indicators remained stable, with a slight decrease in January 2023.

Across the board, price differentials shrank, with the Colombian Milds-Other Milds and the Colombian Milds-Brazilian Naturals differentials leading the way by shrinking 12.5 per cent and 11.3 per cent to 12.15 and 48.88 US cents per pound, respectively.

The New York certified stocks increased by 4.3 per cent from the previous month, closing in at 0.91 million 60-kilogram bags, while certified stocks of Robusta coffee reached 1.03 million 60- kilogram bags, representing a decrease of 5.0 per cent.

Global green bean exports in December 2022 totalled 9.81 million bags, as compared with 10.64 million bags in the same month of the previous year, down 7.7 per cent. The cumulative total for 2022/23 to December is 27.26 million bags as compared with 27.67 million bags over the same period a year ago, down 1.5 per cent.

Green bean exports of the Brazilian Naturals declined in December 2022, falling by 10.3 per cent to 3.24 million bags, following a 15.2 per cent increase in November 2022.

Green bean exports of Robustas amounted to 4.25 million bags in December 2022, as compared with 4.21 million bags in December 2021.

In December, South America’s exports of all forms of coffee fell by 17.3 per cent to 4.64 million bags.

Exports of all forms of coffee from Asia & Oceania were up by 4.2 per cent to 4.59 million bags in December 2022.

In Africa, exports of all forms of coffee decreased by 9.0 per cent to 0.97 million bags in December 2022 from 1.13 million bags in December 2021.

In December 2022, exports of all forms of coffee from Mexico and Central America were down 15.2 per cent to 0.69 million bags as compared with 0.81 million in December 2021.

Exports of soluble coffee fell by 15.9 per cent in December 2022 to 0.98 million bags. Exports of roasted beans were up 4.7 per cent in December 2022 to 75,852 bags.

The latest provisional estimate for total production in coffee year 2021/22 remains unchanged at 167.2 million bags, a 2.1 per cent decrease as compared to 170.83 million bags in the previous coffee year.

World coffee consumption is projected to grow by 3.3 per cent to 170.3 million 60- kilogram bags in 2021/22 as compared to 164.9 million for coffee year 2020/21. In 2021/22, consumption is estimated to exceed production by 3.1 million bags.

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