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I-CIP falls back below 200 US cents per pound: ICO report

ICO

The International Coffee Organization’s (ICO) July 2022 market report shows its composite indicator of coffee prices (I-CIP) was down 5.7 per cent from June to July 2022, averaging 190.82 US cents per pound.

Average prices for all groups indicators decreased in July 2022. The ICO says the New York certified stocks decreased 32 per cent from the previous month, closing in at 0.7 million bags whilst certified stocks of Robusta coffee reached 1.7 million bags, down 3.3 per cent.

Global exports of green beans in June 2022 totalled 10.03 million bags, compared with 9.95 million bags in the same month of the previous year, up 0.8 per cent.

In October 2021 to June 2022, South America’s exports of all forms of coffee decreased by 8.5 per cent to 42.26 million bags.

Exports of all forms of coffee from Asia and Oceania increased by 9.4 per cent to 3.61 million bags in June 2022, and by 17.3 per cent to 34.38 million bags in the first nine months of coffee year 2021/22.

Exports of all forms of coffee from Africa decreased by 2.4 per cent to 1.36 million bags in June 2022 from 1.39 million bags in June 2021.

In June 2022, exports of all forms of coffee from Mexico and Central America were down 16.9 per cent to 1.81 million bags as compared with 2.18 million in June 2021.

Total exports of soluble coffee increased by 7.6 per cent in June 2022 to 1.01 million bags, up from 0.94 million bags in June 2021.

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

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

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