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I-CIP remains range bound since March: ICO report

ICO market report

The International Coffee Organization’s (ICO) September 2022 market report shows its composite indicator of coffee prices (I-CIP) lost 0.2 per cent from August to September 2022, averaging 199.63 US cents per pound for the latter while posting a median value of 198.43 US cents per pound.

Average prices for all groups indicators decreased in September 2022, except for the Robustas.

The Brazilian Naturals-Robusta differential took the hardest hit from August to September 2022, retracting 3.6 per cent from 112.26 to 108.23 US cents per pound as growth of Robustas outpaced the Brazilian Naturals.

The New York certified stocks decreased 37.2 per pound from the previous month, closing in at 0.45 million bags, whilst certified stocks of Robusta coffee reached 1.59 million bags, representing a decrease of 0.8 per cent.

Global exports of green beans in August 2022 totalled 8.83 million bags, compared with 9.17 million bags in the same month of the previous year, down 3.7 per cent.

Total exports of soluble coffee increased by 13.2 per cent in August 2022 to 0.98 million bags from 0.87 million bags in August 2021.

In October 2021 to August 2022, South America’s exports of all forms of coffee decreased by 23.3 per cent to 50.46 million bags.

Exports of all forms of coffee from Asia and Oceania increased by 2.7 per cent to 3.25 million bags in August 2022 but were down 1.5 per cent to 40.86 million bags in the first 11 months of coffee year 2021/22.

In August 2022, exports of all forms of coffee from Mexico and Central America were down 7.4 per cent to 1.19 million bags as compared with 1.29 million in August 2021.

Exports of all forms of coffee from Africa decreased by 11.9 per cent to 1.24 million bags in August 2022 from 1.4 million bags in August 2021.

Total exports of soluble coffee increased by 13.2 per cent in August 2022 to 0.98 million bags from 0.87 million bags in August 2021.

The provisional 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 is 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 is expected to exceed production by 3.1 million bags.

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