Arabica coffee futures on ICE traded around 2-week lows of $1.85 per pound, as supply concerns eased as Tropical Storm Conson that hit top producer Vietnam did not damage the main coffee region so far. Still, prices remain not far from an almost 7-year high of $2.07 hit on July 26th amid production shortfalls in Brazil and export disruptions in Vietnam caused by Covid-19 outbreaks and container shortages. Brazil’s total coffee harvest this year is set to post its biggest yearly decline since 2003 after a record harvest in 2020 and 2021 due to extreme weather conditions. Meanwhile, global coffee consumption is expected to exceed production this year for the first time since 2017, according to the USDA.
Historically, Coffee reached an all time high of 339.86 in April of 1977. Coffee - data, forecasts, historical chart - was last updated on September of 2021.
Coffee is expected to trade at 170.66 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 199.14 in 12 months time.