Update Coffee Price Today Feb 21th, 2023

 UPDATE COFFEE PRICE TODAY FEB 21TH, 2023

At the end of the latest trading session, the price of Robusta coffee in London delivered in March 2023 increased by 8 USD/ton at 2,093 USD/ton, delivered in May 2023 increased by 19 USD/ton at 2,117 USD/ton.

Meanwhile on the floor of New York is a holiday honoring the US Presidents (Monday of the 3rd week of February). Therefore, the price of Arabica coffee delivered in May 2023 kept at 185.75 cents/lb, delivered in July 2023 at 184.25 cents/lb, this is the highest level in the past 2 weeks.

Deciphering the recent sharp increase in Arabica, experts say that due to recent heavy rain information, and forecasted rains will drag this week in Minas Gerais, Brazil's largest Arabica coffee growing state, accounting for about 30%. Heavy rains delay the application of fertilizers and pesticides, and also increase coffee rust which could affect Brazil's coffee production this season.

Meanwhile, according to Volcafe forecast, the global Robusta coffee market in the 2023/24 crop year will have a record deficit of 5.6 million bags as Indonesia, the world's third-largest Robusta coffee producer is expected to witness production next year will drop to 9.1 million bags, the smallest Robusta crop in 10 years due to damage from excessive rain on growing areas.

With Arabica, the new moves in the Fed's interest rate hike process after a series of US macro indicators in January 2023, made the USD/Brazil Real rate weaken, after 2 consecutive weeks of increases, it was somewhat limited. curbing sales demand from Brazilian farmers and supporting higher prices.

Thanks to the strong momentum of the New York Stock Exchange, Robusta prices recorded a 7th week of increase with an increase of nearly 3%, bringing the current price to the highest level in 4 months. However, due to the good price, the inventory on both exchanges is also increasing rapidly. As of Friday, February 17, Robusta inventories certified and tracked by the London floor have increased by 1,650 tons, or 2.77% increase from a week earlier, to registered at 61,200 tons (equivalent to 61,200 tons). equivalent to 1,020,000 bags, 60 kg bags), recording the first week of increase after the previous long series of declines.

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