ICO pegs next year’s production at 141 million bags

The International Coffee Organization (ICO) has estimated that the world will produce 141 million bags of coffee next year, down from the approximately 145 million produced in the 2013-14 coffee year. The ICO reported that Brazil's Conab agency is expecting the country to produce 6 million bags less than the previous year. The ICO says some of this deficit will be covered by Colombia's continued recovery, but the gap will not be totally offset. There have been mixed reports from Vietnam, and the ICO says export reports from Indonesia are pointing to lowered production. This news didn't lift prices in November, which were curtailed by reports of rains in Brazil. The ICO noted that all group indicators decreased, also the drop was less noticeable in Robusta. The monthly ICO Composite price was US$1.62 per pound for November, 6.2 per cent lower than October, but higher than September. The ICO noted that price volatility was also noticeably calmer in November.