The International Coffee Organization’s (ICO) October 2022 market report shows its composite indicator of coffee prices (I-CIP) lost 10.6 per cent from September to October 2022, averaging 178.54 US cents per pound for the latter, whilst posting a median value of 177.22 US cents per pound.
Average prices for all groups indicators decreased in October 2022.
The Colombian Milds-Other Milds and the Brazilian Naturals-Robusta differential both took the hardest hit from September to October 2022, retracting 17.8 per cent and 17.5 per cent. The differential for the aforementioned period shrank from 26.60 to 21.87 US cents per pound and 108.23 to 89.25 US cents per pound.
Intra-day volatility of the I-CIP decreased 1.2 percentage points between September and October 2022, reaching a low of 7.1 per cent.
The New York certified stocks decreased 9.3 per cent from the previous month, closing in at 0.41 million bags, whilst certified stocks of Robusta coffee reached 1.52 million bags, representing a decrease of 4.3 per cent .
Global exports of green beans were down 1.1 per cent in coffee year 2021/22, totalling 116.07 million bags from 117.32 million bags in coffee year 2020/21.
Total exports of soluble coffee increased by 6.1 per cent in coffee year 2021/22 to 12.1 million bags from 11.4 million bags in coffee year 2020/21.
In October 2021 to September 2022, South America’s exports of all forms of coffee decreased by 7.1 per cent to 55.31 million bags.
Exports of all forms of coffee from Asia & Oceania increased by 12.8 per cent to 43.86 million bags in coffee year 2021/22.
Exports of all forms of coffee from Africa decreased by 5.1 per cent to 13.73 million bags in coffee year 2021/22 from 14.48 million bags in the previous coffee year.
In October 2021 to September 2022, exports of all forms of coffee from Mexico and Central America were down 3.3 per cent to 16.09 million bags as compared with 16.63 million in coffee year 2020/21.
The estimated outlook 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 was projected to grow by 3.3 per cent to 170.3 million 60-kg bags in 2021/22 as compared to 164.9 million for coffee year 2020/21. In 2021/22, consumption was expected to exceed production by 3.1 million bags.
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