International Coffee Organization: Global Coffee Prices Soar in July

International Coffee Organization: Global Coffee Prices Soar in July

The International Coffee Organization (ICO) has released its Coffee Market Report for July 2024, revealing significant developments in global coffee prices and market dynamics.

Surge in Coffee Prices

The ICO Composite Indicator Price (I-CIP) for July 2024 reached an average of 236.54 US cents per pound, marking a 4.3% increase from June 2024. This rise in prices is evident across various coffee groups:

  • Colombian Milds: Increased by 3.0% to 257.82 US cents per pound.
  • Other Milds: Rose by 3.5% to 257.10 US cents per pound.
  • Robustas: Showed the strongest growth at 5.1%, averaging 214.72 US cents per pound.
  • Brazilian Naturals: Appreciated by 4.6% to 239.70 US cents per pound.

The report also noted a contraction in the Colombian Milds–Other Milds differential to 0.72 US cents per pound and a 6.7% reduction in the arbitrage between the London and New York futures markets, bringing it down to 40.69 US cents per pound.

Market Volatility and Stock Levels

The intra-day volatility of the I-CIP decreased by 0.9 percentage points, averaging 11.4% in July. Meanwhile, certified stocks showed modest growth:

  • London certified stocks: Expanded by 1.7%, reaching 0.99 million bags.
  • Arabica coffee certified stocks: Increased by 0.9% to 0.87 million 60-kg bags.

Export Trends by Coffee Groups

Global exports of green coffee beans presented mixed results:

  • Colombian Milds: Jumped by 26.0% to 1.04 million bags in June 2024.
  • Other Milds: Increased by 2.4% to 2.34 million bags.
  • Brazilian Naturals: Climbed by 22.3% to 3.1 million bags.
  • Robustas: Declined by 12.7% to 3.3 million bags.

Regional Export Performance

Export performance varied significantly across regions:

  • Asia & Oceania: Dropped by 33.0% to 2.43 million bags.
  • Africa: Rose by 31.6% to 1.75 million bags.
  • South America: Grew by 34.7% to 4.85 million bags.
  • Mexico & Central America: Fell by 4.2% to 1.76 million bags.

Coffee Forms Export Data

  • Soluble Coffee: Exports increased by 6.5% to 0.94 million bags.
  • Roasted Beans: Exports decreased by 24.4% to 59,467 bags.

Influencing Factors

The report highlighted key factors influencing the coffee market:

  • Price Trends: The I-CIP followed a bell curve pattern, peaking at 251.68 US cents per pound on July 9. A small surplus of 1 million bags and a decade-long negative production balance applied upward pressure on prices.
  • Interest Rates Impact: Prospective cuts in interest rates and dissipating frost in Brazil’s main coffee-producing regions helped ease the I-CIP towards the end of the month.
  • Stockholding Costs: High interest rates increased the cost of holding stocks, prompting traders and roasters to buy coffee on shorter-term contracts, thus boosting market activity and short-term demand.

Production and Consumption Outlook

The ICO estimates global coffee production for the 2023/24 coffee year at 178.0 million bags, a 5.8% increase from the previous year. Arabica production is projected to rise by 8.8% to 102.2 million bags, while Robusta production is expected to grow by 2.1% to 75.8 million bags. Global coffee consumption is anticipated to increase by 2.2% to 177.0 million bags in 2023/24.

The July 2024 Coffee Market Report by the International Coffee Organization underscores the robust growth in global coffee prices and highlights key market dynamics, offering valuable insights for stakeholders in the coffee industry.

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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. 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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. 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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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