I-CIP increases above 200 US cents per pound: ICO report

International Coffee Organization August 2022 market report

The International Coffee Organization’s (ICO) August 2022 market report shows its composite indicator of coffee prices (I-CIP) gained 4.9 per cent from July to August 2022, averaging 200.11 US cents per pound for the latter whilst posting a median value of 199.66 US cents per pound.

Average prices for all groups indicators were up in August. The ICO says Robustas gained the most, up 9.2 per cent from July to August 2022, increasing to an average of 109.65 US cents per pound for the month.

The New York certified stocks decreased 6.5 per cent from the previous month, closing in at 0.72 million bags, the lowest in over 20 years whilst certified stocks of Robusta coffee reached 1.61 million bags, representing a decrease of 10.9 per cent.

Global exports of green beans in July 2022 totalled 9.04 million bags, compared with 9.91 million bags in the same month of the previous year, down 8.8 per cent.

For coffee year 2021/22 in October 2021 to July 2022, South America exports of all forms of coffee decreased by 8.5 per cent to 42.24 million bags.

Exports of all forms of coffee from Asia & Oceania increased by 4.0 per cent to 3.19 million bags in July 2022, and by 16.0% to 37.6 million bags in the first 10 months of coffee year 2021/22.

Exports of all forms of coffee from Africa decreased by 13.1% to 1.41 million bags in July 2022 from 1.62 million bags in July 2021.

In July 2022, exports of all forms of coffee from Mexico and Central America were down 16.2 per cent to 1.54 million bags as compared with 1.83 million in July 2021.

Total exports of soluble coffee increased by 18.5 per cent in July 2022 to 1.01 million bags from 0.85 million bags in July 2021.

The latest provisional outlook for production in coffee year 2021/22 remains unchanged at 167.2 million 60-kilogram bags, down 2.1 per cent as compared to 170.83 million bags of the previous coffee year.

World coffee consumption is still projected to grow by 3.3 per cent, to 170.3 million bags in 2021/22 as compared to 164.9 million for coffee year 2020/21.

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