The International Coffee Organization’s (ICO) March 2023 market report shows its Composite Indicator Price (I-CIP) gained 5.0 per cent from March to April 2023, averaging 178.57 US cents per pound for the latter, whilst posting a median value of 179.51 US cents per pound.
Average prices for all group indicators increased in April 2023, with the Robustas averaging an 8.7 per cent gain at 115.70 US cents per pound. The Colombian Milds-Other Milds differential presented resilient growth, rising 84.3 per cent to 5.30 US cents per pound.
Intra-day volatility of the I-CIP is stabilising and reached 8.7 per cent, with a marginal increase of 0.6 percentage points between March and April 2023
The New York certified stocks decreased 7.9 per cent from the previous month, closing in at 0.74 million 60-kilogram bags, whilst certified stocks of Robusta coffee reached 1.31 million 60-kilogram bags, up 3.1 per cent.
Global green bean exports in March 2023 totalled 10.90 million bags, as compared with 12.06 million bags in March 2022, down 9.6 per cent due to a combination of factors, such as climate, socio-political reasons and seasonality affecting the different regions and origins.
Shipments of the Other Milds decreased by 17.1 per cent in March 2023 to 2.11 million bags from 2.55 million bags in the same period last year.
Green bean exports of the Brazilian Naturals fell by 13.5 per cent in March 2023 to 3.08 million bags. Exports of the Colombian Milds decreased by 17.4 per cent to 0.96 million bags in March 2023
Green bean exports of the Robustas amounted to 4.74 million bags in March 2023, as compared with 4.78 million bags in March 2022, down 0.8 per cent.
In March 2023, South America’s exports of all forms of coffee fell by 17.3 per cent to 4.13 million bags. Asia and Oceania’s exports of all forms of coffee rose by 0.2 per cent to 5.03 million bags in March 2023. Africa’s exports of all forms of coffee decreased by 5.0 per cent to 1.12 million bags in March 2023.
In March 2023, exports of all forms of coffee from Mexico and Central America were down 15.4 per cent to 1.75 million bags as compared with 2.07 million in March 2022.
Exports of soluble coffee decreased by 6.5 per cent in March 2023 to 1.05 million bags from 1.13 million bags in March 2022. Exports of roasted beans were up 5.9 per cent in March 2023 to 66,393 bags, as compared with 62,689 bags in March 2022.
World coffee production decreased by 1.4 per cent, year-on-year, 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 by 1.7 per cent 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 an estimated shortfall of 7.3 million bags in coffee year 2022/23.
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