Arabica coffee futures have retreated to $2.25 per pound, stepping back from their recent peak of $2.50 reached on April 18th. This pullback is attributed to a strengthening US dollar and increased coffee inventories monitored by ICE, which have climbed to an 11-month high as of last Friday. Despite this, prices remain historically elevated, fueled by concerns over potential damage to coffee crops in Brazil's growing regions due to heavy rainfall. Additionally, the Vietnam Coffee Association has suggested a possible 20% annual decline in the country's coffee exports for the 2023/2024 period, alongside a corresponding 20% reduction in coffee production. This forecast, based on an estimated output of 1,472 MMT, reflects the lowest production level in four years, primarily due to drought conditions.
Coffee increased 39.33 USd/Lbs or 20.89% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Coffee reached an all time high of 339.86 in April of 1977. Coffee - data, forecasts, historical chart - was last updated on April 26 of 2024.
Coffee increased 39.33 USd/Lbs or 20.89% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Coffee is expected to trade at 238.22 USd/Lbs by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 258.73 in 12 months time.