The value of Robustas grew to its highest level since May 1995, according to the December Market Report from the International Coffee Organisation (ICO).
Robustas grew to 135.47 US cents per pound in December, an increase of 10.5 per cent from the previous month.
Green bean exports of Robustas reached 3.7 million bags in November 2023, as compared with 3.56 million bags in November 2022, representing an increase of 4.0 per cent.
The ICO Composite Indicator Price (I-CIP) averaged 175.73 US cents per pound in December, an 8.8 per cent increase from November.
The I-CIP posted a median value of 177.64 US cents per pound, having fluctuated between 163.92 and 186.04.
Global green bean exports in November 2023 totalled 9.79 million bags, as compared with 9.1 million bags in the same month of the previous year, an increase of 7.6 per cent.
The Colombian Milds and Other Milds increased by 7.6 per cent and 6.9 per cent to 210.68 and 210.76 US cents per pound respectively.
Exports of all forms of coffee from Africa decreased by 13.5 per cent to 1.01 million bags in November 2023 from 1.16 million bags during the same time period the year prior.
Arbitrage, as measured between the London and New York Futures markets, widened by 5.0 per cent to 62.77 US cents per pound in December 2023.
Intra-day volatility of the I-CIP expanded to 10.2 per cent between November and December 2023
World coffee production increased by 0.1 per cent to 168.2 million bags in coffee 2022/23, and is anticipated to increase by 5.8 per cent to 178.0 million bags in coffee year 2023/24.
The ICO projects the world coffee market will run a surplus of 1.0 million bags in coffee year 2023/24.
To access the full ICO December 2023 market report, click here.
