Market Reports

I-CIP rises for sixth consecutive month: ICO report

ICO March 2024 market report

The International Coffee Organization’s (ICO) March 2024 market report shows its Composite Indicator Price (I-CIP) gained 2.4 per cent from February to March 2024, averaging 186.36 US cents per pound, while posting a median value of 185.64 US cents per pound.

The I-CIP grew steadily in March 2024, reaching an 18-month high. The Robustas have reached their highest level since October 1994 when they averaged 169.43 US cents per pound.

The Colombian Milds increased by 0.4 per cent whilst the Other Milds remained stable with a 0.0 per cent change, thereby reaching 210.27 and 208.88 US cents per pound, respectively, in March 2024. The Colombian Milds–Other Milds differential expanded from 0.75 to 1.39 US cents per pound.

Intra-day volatility of the I-CIP increased by 0.3 percentage points to 7.1 per cent between February and March 2024.

Global green bean exports in February 2024 totalled 10.43 million bags, as compared with 9.52 million bags in the same month of the previous year, up 9.5 per cent.

Shipments of the Other Milds increased by 4.2 per cent in February 2024 to 1.91 million bags from 1.83 million bags in the same period last year.

Green bean exports of the Brazilian Naturals increased by 36.6 per cent to 3.16 million bags in February 2024, from 2.59 million in February 2023.

Exports of the Colombian Milds increased by 14.7 per cent to 1.12 million bags in February 2024 from 0.98 million bags in February 2023.

In contrast to the Arabicas, green bean exports of the Robustas were down 3.7 to 4.24 million bags in February 2024 from 4.4 million bags in February 2023.

Exports of all forms of coffee from Asia and Oceania decreased by 17.0 per cent to 3.97 million bags in February 2024.

In February 2024, South America’s exports of all forms of coffee increased by 41.7 per cent to 4.93 million bags.

Exports of all forms of coffee from Africa increased by 14.6 per cent to 0.98 million bags in February 2024 from 0.86 million bags in February 2023.

In February 2024, exports of all forms of coffee from Mexico and Central America were down 2.7 per cent to 1.45 million bags, as compared with 1.49 million in February 2023.

Total exports of soluble coffee decreased by 18.2 per cent in February 2024 to 0.85 million bags from 1.04 million bags in February 2023.

Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 9.0 per cent in February 2024, down from 9.5 per cent in the same period a year ago.

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