Arabica coffee futures have remained around the $2 per pound level, trading at 6-week lows, as ICE-monitored arabica coffee inventories on Monday climbed to a 13-month high of 721,723 bags. Still, insufficient rainfall in the top global coffee producers, Brazil and Vietnam, remains a bullish factor. The Buon Ma Thuot Coffee Association stated that this month's total rainfall in Vietnam's Dak Lak province, a significant coffee-growing area, is expected to be 50% lower than last year. Additionally, Somar Meteorologia reported on Monday that Brazil's Minas Gerais region, responsible for approximately 30% of Brazil's arabica crop, received no rainfall for the second consecutive week.
Coffee increased 18.44 USd/Lbs or 9.79% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Coffee reached an all time high of 339.86 in April of 1977. Coffee - data, forecasts, historical chart - was last updated on May 19 of 2024.
Coffee increased 18.44 USd/Lbs or 9.79% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Coffee is expected to trade at 207.31 USd/Lbs by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 225.80 in 12 months time.