The International Coffee Organisation (ICO) announced its Composite Indicator Prince (I-CIP) reached a 17-month high in its February 2024 market report.
The I-CIP averaged 182.04 US cents per pound in February, a 3.2 per cent increase from January. It posted a median value of 181.84 US cents per pound, having fluctuated between 177.48 and 187.07 US cents per pound. This was a 3.2 per cent increase from January 2023.
Arbitrage, as measured between the London and New York futures markets, retracted by 9.1 per cent to 42.94 US cents per pound in February.
Global green bean exports in January 2024 totalled 11.55 million bags as compared to 8.51 million bags in the same month of the previous year, representing an increase of 35.8 per cent.
Exports of roasted beans increased by 7.6 per cent in January 2024 to 59,851 bags, compared to 55,606 bags in January 2023.
In January 2024, South America’s exports of all forms of coffee increased by 25.4 per cent to 5.41 million bags. Exports of all forms of coffee from Africa increased by 6.5 per cent to 1.02 million bags in January 2024 from 0.96 million bags in January 2023.
Exports of all forms of coffee from Mexico and Central America were down 7.7 per cent to 1.11 million bags, as compared with 1.2 million in January 2023. Exports of all forms of coffee from Asia and Oceania increased by 47.1 per cent to 5.08 million bags in January 2024.
Total exports of soluble coffee increased by 2.7 per cent in January 2024 to 1.01 million bags, compared to 0.98 million bags in January 2023.
World coffee production increased by 0.1 per cent to 168.2 million bags in coffee year 2022/23 and is anticipated to increase by 5.8 per cent to 178.0 million bags in coffee year 2023/24.
World coffee consumption is continuing to resolve through the issues brought about by the COVID-19 pandemic. It was expected to increase by a small positive growth rate in coffee year 2022/23, but actually recorded a decrease of 2.0 per cent to 173.1 million bags. However, a rebound is predicted for coffee year 2023/24, with consumption set to increase by 2.2 per cent to 177.0 million bags.
The ICO expects the world coffee market to run a surplus of 1.0 million bags in coffee year 2023/24.
To access the full report, click here.
