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ICO Composite Indicator Price remains strong: ICO report

ICO

The International Coffee Organization’s (ICO) May 2022 market report shows its composite indicator of coffee prices (I-CIP) lost 2.4 per cent from April to May 2022, averaging 193.71 US cents per pound.

Average prices for all groups indicators decreased in May 2022. The ICO says prices for Brazilian Naturals outperformed all growths by declining 3.7 per cent to 217.84 US cents per pound from April to May 2022.

The New York certified stocks lost 3.3 per cent from the previous month, closing in at 1.16 million bags while certified stocks of Robusta coffee for London reached 1.71 million bags, representing an increase of 9.6 per cent.

Global exports of green beans in April 2022 totalled 9.86 million 60-kilogram bags, compared with 10.16 million bags in the same month of the previous year.

The report shows exports reached 69.67 million bags in the first seven months of coffee year 2021/22, a decrease of 0.9 per cent as compared with 70.28 million bags for the same period in coffee year 2020/21.

According to the ICO, from October 2021 to April 2022, South America’s exports decreased by 12.7 per cent to 33.8 million bags.

Exports from Asia and Oceania increased by 20.9 per cent to 3.96 million bags in April 2022, and by 9.0 per cent to 28.06 million bags in the first seven months of coffee year 2021/22.

Exports from Africa decreased by 10.1 per cent to 1.08 million bags in April 2022 from 1.2 million bags in February 2021.

In April 2022, exports from Mexico and Central America were up 0.8 per cent to 2.1 million bags as compared with 2.06 million in April 2021.

The report shows total exports of soluble coffee shrunk by 2.1 per cent in April 2022 to 0.99 million bags from 1.01 million bags in April 2021.

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 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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