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ICO Composite Indicator Price rebounds: ICO report

ICO

The International Coffee Organization’s (ICO) June 2022 market report shows its composite indicator of coffee prices (I-CIP) gained 4.5 per cent from May to June 2022, averaging 202.46 US cents per pound.

Average prices for all group’s indicators increased in June 2022. The ICO says the New York certified stocks decreased 11.2 per cent from the previous month, closing in at 1.03 million bags while certified stocks of Robusta coffee reached 1.76 million bags, representing an increase of 2.9 per cent.

Global exports of green beans in May 2022 totalled 9.75 million 60-kilogram bags, compared with 8.8 million bags in the same month of the previous year, up 10.7 per cent.

The report shows total exports of all forms of coffee were up 10 per cent in May 2022, totalling 10.8 million bags, while in the first eight months of coffee year 2021/22 they reached 87.99 million bags, with a consolidated increase of 0.7 per cent.

South America’s exports are up 24.5 per cent at 3.92 million bags in May 2022 but are down 9.9 per cent for October to May 2021/22 at 37.92 million bags as compared with 42.1 million bags for the same period last year.

Exports from Asia and Oceania increased by 16.9 per cent to 3.72 million bags in May 2022, and by 19.7 per cent to 31.13 million bags in the first eight months of coffee year 2021/22.

Exports from Africa decreased by 0.9 per cent to 1.29 million bags in May 2022 from 1.3 million bags in May 2021, totalling 8.59 million 60-kilogram bags from October to May.

In May 2022, exports from Mexico and Central America were down 14.5 per cent to 1.87 million bags versus 2.19 million in May 2021.

The report shows exports of roasted beans increased by 9.9 per cent in May 2022 to 75,329 bags versus 68,539 bags in May 2021, totalling 0.56 million 60-kilogram bags from October 2021 to May 2022.

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 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 60-kilogram 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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