Exploring the Coffee Chronicles: Unveiling DRWakefield’s 2023 Coffee Market Report

Exploring the Coffee Chronicles: Unveiling DRWakefield’s 2023 Coffee Market Report

The year 2023 turned out to be full of surprises! Economic forecasts anticipated a global recession, driven by elevated interest rates and soaring levels of public and private debt in the United States and worldwide. Contrary to expectations, interest rates climbed even higher, leading to significant bull runs in major stock indexes by the year’s end. Despite a 19% drop in 2022, the S&P 500 index nearly recovered all its losses, approaching its all-time peak. Questions linger about the unresolved debt issues, but as the market heads into 2024, optimism prevails, with expectations of rate reductions in the second half of the year.

Arabica Coffee, as highlighted in the DRWakefield Annual Coffee Market Report, began 2023 at 164.65 c/lb and closed the year at 188.30 c/lb, reflecting a notable 14.4% increase. However, Robusta outshone with a remarkable 74.2% surge throughout the year. Roasters’ growing preference for Robusta, coupled with lower harvest numbers from key producers, bolstered its pricing.

Currency dynamics were dominated by central bankers’ decisions on when and how much to raise interest rates. By year-end, acronyms like FED, BOE, FMOC, and J-Pow were familiar terms in discussions. Both the Euro and Pound strengthened throughout the year, and the rate adjustments in 2024 are anticipated to have a significant impact on their future strength.

Key Moments in 2023:

January:
The CFTC’s COT report on January 17th revealed a net short position of non-commercials at 43,940 lots, the lowest since before the pandemic. The market hit its second-lowest figure for the year at 145.30 c/lb on the 11th but rebounded to finish at 177.40 c/lb by month-end.

February:
Cyber-related issues led to the absence of the COT report for most of the month. Inflation figures took center stage, with the coffee market reaching a high of 187.55 c/lb on February 22nd.

March:
The collapse of Silicon Valley Bank, Silvergate, and Signature caused global financial jitters, impacting not only the US but also major European lenders like Credit Suisse.

April:
Around Easter, the coffee market surged, reaching a high of 197.90 c/lb on April 18th, driven by movements in the Brazilian Real and low crop figures from key origins.

May:
Certified Arabica stocks hit a 6-month low, reaching 598,000 bags. This, coupled with a 12% reduction in May and a 27% reduction in 2023, supported the market entering June.

June:
Central bankers’ rate pauses raised questions about the end of rate hikes. The FED held the Fed Funds Rate at 5-5.25%, indicating a pause, while Lagarde emphasized that more work was needed.

July:
Early July marked the strongest period for Pound Sterling (1.30) and the Euro (1.12). Colombian coffee differentials dipped, prompting concerns among other origins about adjusting prices or selling remaining stock.

August:
With Brazil’s harvest over 75% complete, solid volume estimates for the year, like Cooxupe’s expectation of nearly 6.5 million bags, emerged, representing a 30% increase.

September:
Weather in Brazil dominated headlines, shifting from the current harvest to rain and flower development for the 2024/5 harvest. Despite potential risks, the market fell towards the end of the month.

October:
The market hit the yearly low of 145 c/lb on October 10th but swiftly rebounded, closing the year at 188.30 c/lb.

November:
Both the Euro and Pound maintained momentum, while Moody’s downgrade of the US Credit rating weighed on the Greenback. A brief pullback preceded a December rebound, with the Euro finishing at 1.10 and the Pound at 1.27.

December:
Mercon Coffee Group, as reported in the DRWakefield DRW Annual Coffee Market Report, filed for bankruptcy, impacting Nicaragua, where it held the highest market share. Uncertainty surrounded the business’s future as discussions on the Fed’s potential rate cuts in 2024 gained traction. Cheers to what the new year may bring!

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[:ar]Privacy Policy for qahwa world At qahwaworld, accessible from qahwaworld.com, one of our main priorities is the privacy of our visitors. This Privacy Policy document contains types of information that is collected and recorded by qahwaworld and how we use it. If you have additional questions or require more information about our Privacy Policy, do not hesitate to contact us. This Privacy Policy applies only to our online activities and is valid for visitors to our website with regards to the information that they shared and/or collect in qahwaworld. This policy is not applicable to any information collected offline or via channels other than this website. Our Privacy Policy was created with the help of the Free Privacy Policy Generator. Consent By using our website, you hereby consent to our Privacy Policy and agree to its terms. 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Another part of our priority is adding protection for children while using the internet. We encourage parents and guardians to observe, participate in, and/or monitor and guide their online activity. Qahwa World does not knowingly collect any Personal Identifiable Information from children under the age of 13. If you think that your child provided this kind of information on our website, we strongly encourage you to contact us immediately and we will do our best efforts to promptly remove such information from our records.[:ru]Privacy Policy for qahwa world At qahwaworld, accessible from qahwaworld.com, one of our main priorities is the privacy of our visitors. This Privacy Policy document contains types of information that is collected and recorded by qahwaworld and how we use it. If you have additional questions or require more information about our Privacy Policy, do not hesitate to contact us. This Privacy Policy applies only to our online activities and is valid for visitors to our website with regards to the information that they shared and/or collect in qahwaworld. This policy is not applicable to any information collected offline or via channels other than this website. Our Privacy Policy was created with the help of the Free Privacy Policy Generator. Consent By using our website, you hereby consent to our Privacy Policy and agree to its terms. Information we collect The personal information that you are asked to provide, and the reasons why you are asked to provide it, will be made clear to you at the point we ask you to provide your personal information. If you contact us directly, we may receive additional information about you such as your name, email address, phone number, the contents of the message and/or attachments you may send us, and any other information you may choose to provide. When you register for an Account, we may ask for your contact information, including items such as name, company name, address, email address, and telephone number. How we use your information We use the information we collect in various ways, including to: Provide, operate, and maintain our website Improve, personalize, and expand our website Understand and analyze how you use our website Develop new products, services, features, and functionality Communicate with you, either directly or through one of our partners, including for customer service, to provide you with updates and other information relating to the website, and for marketing and promotional purposes Send you emails Find and prevent fraud Log Files qahwaworld follows a standard procedure of using log files. These files log visitors when they visit websites. All hosting companies do this and a part of hosting services' analytics. The information collected by log files include internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These are not linked to any information that is personally identifiable. The purpose of the information is for analyzing trends, administering the site, tracking users' movement on the website, and gathering demographic information. Cookies and Web Beacons Like any other website, qahwaworld uses 'cookies'. These cookies are used to store information including visitors' preferences, and the pages on the website that the visitor accessed or visited. The information is used to optimize the users' experience by customizing our web page content based on visitors' browser type and/or other information. For more general information on cookies, please read the Cookies article on Generate Privacy Policy website. Google DoubleClick DART Cookie Google is one of a third-party vendor on our site. It also uses cookies, known as DART cookies, to serve ads to our site visitors based upon their visit to www.website.com and other sites on the internet. However, visitors may choose to decline the use of DART cookies by visiting the Google ad and content network Privacy Policy at the following URL – https://policies.google.com/technologies/ads Our Advertising Partners Some of advertisers on our site may use cookies and web beacons. Our advertising partners are listed below. Each of our advertising partners has their own Privacy Policy for their policies on user data. For easier access, we hyperlinked to their Privacy Policies below. Google https://policies.google.com/technologies/ads Advertising Partners Privacy Policies You may consult this list to find the Privacy Policy for each of the advertising partners of qahwaworld. Third-party ad servers or ad networks uses technologies like cookies, JavaScript, or Web Beacons that are used in their respective advertisements and links that appear on qahwaworld, which are sent directly to users' browser. They automatically receive your IP address when this occurs. These technologies are used to measure the effectiveness of their advertising campaigns and/or to personalize the advertising content that you see on websites that you visit. Note that qahwaworld has no access to or control over these cookies that are used by third-party advertisers. Third Party Privacy Policies qahwaworld's Privacy Policy does not apply to other advertisers or websites. Thus, we are advising you to consult the respective Privacy Policies of these third-party ad servers for more detailed information. It may include their practices and instructions about how to opt-out of certain options. You can choose to disable cookies through your individual browser options. To know more detailed information about cookie management with specific web browsers, it can be found at the browsers' respective websites. CCPA Privacy Rights (Do Not Sell My Personal Information) Under the CCPA, among other rights, California consumers have the right to: Request that a business that collects a consumer's personal data disclose the categories and specific pieces of personal data that a business has collected about consumers. Request that a business delete any personal data about the consumer that a business has collected. Request that a business that sells a consumer's personal data, not sell the consumer's personal data. If you make a request, we have one month to respond to you. If you would like to exercise any of these rights, please contact us. GDPR Data Protection Rights We would like to make sure you are fully aware of all of your data protection rights. Every user is entitled to the following: The right to access – You have the right to request copies of your personal data. We may charge you a small fee for this service. The right to rectification – You have the right to request that we correct any information you believe is inaccurate. You also have the right to request that we complete the information you believe is incomplete. The right to erasure – You have the right to request that we erase your personal data, under certain conditions. The right to restrict processing – You have the right to request that we restrict the processing of your personal data, under certain conditions. The right to object to processing – You have the right to object to our processing of your personal data, under certain conditions. The right to data portability – You have the right to request that we transfer the data that we have collected to another organization, or directly to you, under certain conditions. If you make a request, we have one month to respond to you. If you would like to exercise any of these rights, please contact us. Children's Information Another part of our priority is adding protection for children while using the internet. We encourage parents and guardians to observe, participate in, and/or monitor and guide their online activity. qahwaworld does not knowingly collect any Personal Identifiable Information from children under the age of 13. If you think that your child provided this kind of information on our website, we strongly encourage you to contact us immediately and we will do our best efforts to promptly remove such information from our records.[:]
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