March 9, 2023(Global Coffee Report) – The International Coffee Organization’s (ICO) February 2022 market report shows its Composite Indicator Price (I-CIP) gained 11.4 per cent from January 2023 to February 2023, averaging 174.77 US cents per pound for the latter, whilst posting a median value of 173.20 US cents per pound.
Average prices for all group indicators increased in February 2023.
The Colombian Milds-Other Milds and Colombian Milds-Brazilian Naturals differentials are leading the way, shrinking 28.8 per cent and 11.6 per cent to 8.66 and 43.21 US cents per pound, respectively.
Intra-day volatility of the I-CIP increased 0.1 percentage point between January 2023 and February 2023, reaching 8.7 per cent.
The New York certified stocks decreased by 5.1 per cent from the previous month, closing in at 0.86 million 60-kilogram bags, whilst certified stocks of Robusta coffee reached 1.19 million 60-kilogram bags, representing an increase of 13.8 per cent.
Global green bean exports in January 2023 totalled 8.69 million bags, as compared with 10.23 million bags in the same month of the previous year, down 15.0 per cent.
Green beans shipments of the Other Milds decreased by 17.7 per cent in January 2023 to 1.59 million bags from 1.93 million bags in the same period last year.
Green bean exports of the Brazilian Naturals fell in January 2023, falling by 17.2 per cent to 2.78 million bags. Exports of the Colombian Milds decreased by 20.9 per cent to 0.87 million bags in January 2023 from 1.1 million bags in January 2022.
Green bean exports of the Robustas amounted to 3.45 million bags in January 2023, as compared with 3.84 million bags in January 2022, a 10.1 per cent decrease.
In January 2023, South America’s exports of all forms of coffee decreased by 19.9 per cent to 3.93 million bags, driven by the three main origins of the region, Brazil, Colombia and Peru, which saw their combined exports fall by 20.9 per cent.
Exports of all forms of coffee from Asia and Oceania fell by 17.2 per cent to 3.45 million bags in January 2023 and were down 3.3 per cent to 14.42 million bags in the first four months of coffee year 2022/23.
Exports of all forms of coffee from Africa increased by 19.5 per cent to 1.11 million bags in January 2023 from 0.93 million bags in January 2022.
In January 2023, exports of all forms of coffee from Mexico and Central America were down 5.0 per cent to 1.21 million bags as compared with 1.27 million in January 2022.
Total exports of soluble coffee decreased by 3.0 per cent in January 2023 to 0.95 million bags from 0.98 million bags in January 2022.
Soluble coffee’s share in the total exports of all forms of coffee was 10.1 per cent. Exports of roasted beans were down 9.2 per cent in January 2023 to 61,683 bags, as compared with 67,918 bags in January 2022.
The latest provisional estimate 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 in the previous coffee year. World coffee consumption is 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 estimated to exceed production by 3.1 million bags.
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