Update Coffee Market Price Today on August 16th, 2023

UPDATE COFFEE MARKET PRICE TODAY on 16th August, 2023 

At the end of the latest trading session, the price of Robusta coffee in London for September delivery in September 2023 decreased by 17 USD/ton at 2,603 ​​USD/ton, delivered in November 2023 decreased by 2 USD/ton, at 2,433 USD/ton. On the New York Stock Exchange, the price of Arabica coffee delivered in September 2023 fell 1.85 cents/lb, at 149.25 cents/lb, delivered in December 2023 fell 1.25 cents/lb, at 151.35 cents. /lb. Coffee prices on both floors continued to decline, but lost less than the first session of the week. The USD increased on the closing day of trading positions on 2 exchanges, continuing to push the market down.

A sharp fall in the Real caused a sell-off of strong export crops as Brazilian farmers would gain more local currency. This pushed the market into red in the first 2 days of the week. Dry weather prompts Brazilian farmers to speed up their harvests, which has increased supply and sales. According to experts, this is the main reason why coffee futures prices on both markets plunged. The report of consistent rainfall has triggered the first cotton blooms in Conilon Robusta growing areas, which bloom very beautifully and with great promise, contributing to a decrease in coffee prices in the domestic Brazilian market by more than 2% in the past week. On the positive side of the market, inventories on the London floor have not yet recorded a significant addition. Supply concerns still await this coffee item from now until the end of the year. According to the Vietnam News Agency correspondent in Jakarta, the drought-causing El Nino phenomenon may further reduce coffee production in Indonesia. Indonesia is the world's fourth largest coffee producer. The country's coffee production has fallen to its lowest level in more than a decade due to floods, pushing up prices recently. Since the beginning of the year until now, due to the influence of rainy weather, the production of coffee has decreased, causing the price of this commodity to escalate, up to 40% in June. The Indonesian weather agency warned that in 2023, Indonesia may suffer The country is subject to many extreme weather events, in which the El Nino phenomenon is likely to peak in the late months of this year and early 2024. If a drought occurs, coffee production may decrease further in the year. service 2024/2025.

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