Update Coffee Price Today Feb 11th, 2023

 UPDATE COFFEE PRICE TODAY FEB 11TH, 2023

Ending the previous session, the price of Robusta coffee in London for delivery in March 2023 increased by 3 USD/ton at 2,040 USD/ton, for delivery in May 2023 increased by 7 USD/ton at 2,039 USD/ton. Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in March 2023 increased by 1.1 cents/lb, at 174.75 cents/lb, delivered in May 2023 increased by 0.95 cents/lb, at 174 .65 cents/lb.

Coffee prices on both floors recovered at the end of the week after 2 previous days of decline. On the London floor, the factors of inventory reaching the lowest standard from 2016 to now along with a decrease in Vietnam's January 2023 exports continue to keep this coffee item at a high level.

Meanwhile, the New York Stock Exchange was also anchored by the low export volume of Brazil and Colombia in January 2023, however, the USD index fluctuated precariously, the Brazilian domestic currency was low, making Arabica unable to recover strongly.

According to the Association of Exporters (Cecafé) of Brazil, exports of coffee beans in January 2023 only reached 2.52 million bags, down 18.5% compared to the previous month. The reason is said to be the higher price of coffee in the domestic market, making it impossible for exporters to buy goods to deliver to signed contracts. Unstable Brazilian politics caused the Reais exchange rate to plummet by 1.44% to 1 USD = 5,2700 R$, which has supported the people of this country to boost export coffee sales to earn more local currency.

A Reuters poll showed Brazil's coffee production this year at 67.1 million bags (60kg), significantly lower than the 71 million in a July 2022 poll, due to the crop The season did not grow as well as expected, the tree was not strong enough after a dry winter in Brazil.

According to Fitch Solutions, supply for the remainder of 2023 is expected to be scarcer than previously anticipated due to a reduced outlook for output in Brazil this year and a recovery in demand.

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