March arabica coffee (KCH24) this morning is down -7.90 (-4.30%), and Jan ICE robusta coffee (RMF24) is down -18 (-0.70%).
Coffee prices this morning are under pressure, with arabica coffee sharply lower as concerns about global coffee supplies ease. On Tuesday, the International Coffee Organization (ICO) projected 2023/24 global coffee production will climb +5.8% y/y to 178 million bags due to an exceptional off-biennial crop year. The ICO also projects global 2023/24 coffee consumption will climb +2.2% y/y to 177 million bags, resulting in a 1 million bag coffee surplus.
