Update Coffee Price Today March 2rd, 2023

 UPDATE COFFEE PRICE TODAY
MARCH 2rd, 2023

Ending the latest trading session, the price of Robusta coffee in London delivered in May 2023 increased by 37 USD/ton at 2,177 USD/ton, delivered in July 2023 increased by 32 USD/ton at 2,161 USD/ton.

Meanwhile on the New York Stock Exchange, the price of Arabica coffee delivered in May 2023 fell 2.75 cents/lb, at 183.55 cents/lb, delivered in July 2023 fell 2.75 cents/lb, at 182 ,15 cents/lb.

The price of coffee on the 2 floors continued the mixed trend with London increasing strongly, while the decreasing trend remained on the New York floor.

Robusta coffee prices are in a positive zone when the market received a report from the General Statistics Office of Vietnam estimating coffee exports in February to reach 3 million bags, up 28.7% over the same period last year. However, cumulative coffee exports in the first 2 months of 2023 only reached 322,544 tons, down 13.13% over the same period last year. This information supported the London coffee futures price to regain the green at the end of the session.

In contrast, Brazilian farmers strongly sold export coffee to earn foreign currency, causing Arabica to continue to plunge. 

According to the Commodity Exchange of Vietnam (MXV), the basic information on the market has not yet shown a clear picture.

On the one hand, the standard Arabica inventory on the New York ICE Department decreased to 787,345 60kg bags, the lowest in 2 months. Along with that, the restriction of exports in main supplying countries such as Brazil and Colombia, is unlikely to help inventories prosper in the near future. This will help support prices.

On the other hand, the positive outlook for the 2023 coffee crop in Brazil is maintained despite recent slight corrections. Forecasts from government agencies such as CONAB, IBGE all show that output still has an increase compared to the previous year. This is still an important factor putting pressure on prices.

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