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Barchart
Rich Asplund

HISTORICAL FACTS: Coffee posts moderate gains as dollar weakness spurs short covering - The Untold Story

Ice Vietnam Brazil arabica El Nino the USDA FAS USDA USDA FAS

March arabica coffee (KCH24) this morning is up +2.35 (+1.34%), and Jan ICE robusta coffee (RMF24) is up +27 (+1.05%).

Coffee prices this morning are moderately higher as a weaker dollar spurred some short-covering in coffee futures.  Coffee prices have been under pressure the last couple of sessions as supply fears receded.  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.  ICO also projects global 2023/24 coffee consumption will rise +2.2% y/y to 177 million bags, resulting in a 1 million bag coffee surplus.

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