Update Coffee Price Today Feb 10th, 2023

 UPDATE COFFEE PRICE TODAY FEB 10TH, 2023

In the world market, the price of coffee continues to fall. Accordingly, the price of online robusta coffee in London delivered in March 2023 was recorded at USD 2,037/ton after decreasing by 1.26% (equivalent to USD 26).

The price of arabica coffee delivered in March 2023 in New York reached 173.65 US cents/lb, down 1.11% (equivalent to 1.95 US cents) at the time of the survey at 6:50 am (Vietnam time).

According to a Reuters survey of 10 traders and analysts, arabica coffee prices are forecast to see an annual decline of 12% in 2023, while the big crop at top producer Brazil is expected to lead to a global coffee surplus in the 2023-2024 crop year.

Prices are projected to end 2023 at an average of $1.48/pound (equivalent to EUR 1.38/pound), 15% off Friday's closing price and low 12% more than at the end of 2022.

Similarly, robusta coffee prices are expected to end 2023 at $1,900/ton (equivalent to EUR 1,770/ton), down 6% from Friday's closing price but 6% higher than the end level. year 2022.

Survey participants said that Brazil's 2023-2024 production size will play a major role in determining prices. There is some uncertainty as to whether the originally planned bountiful harvest will actually happen.

Brazil's 2023-2024 coffee crop is forecast to reach 67.1 million 60kg bags, up from an average estimate of 61.5 million bags for the 2022-2023 crop.

This is lower than the 71 million bags in a Reuters survey in July 2022, due to the fact that the crop did not grow as well as expected, possibly because the trees were not strong enough after a dry winter in Vietnam. Brazil.

The world's leading robusta coffee producer Vietnam is forecast to produce 31 million bags in the 2023-2024 season, up from 30 million bags in the 2022-2023 crop.

According to the survey's median forecast, bumper crops in Brazil and Vietnam will result in a global surplus of 3.35 million bags in MY 2023-2024 compared to a deficit of 4.15 million bags in FY2024. service 2022 - 2023.

Survey respondents also cited the possibility of constrained demand - due to high retail prices and the global economic downturn - as a factor in the bearish outlook, according to ESM Magazine.

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