Arabica coffee futures on ICE fell towards a 3-week low of $1.5 per lb, as rains in top producer Brazil improved the outlook for next year's crop after severe dry weather in the first half raised concerns about future production and sent prices to a 4-year high above $1.6/lb. Meantime, the success of the vaccination rollout in the US and elsewhere, along with a strong earnings season from Starbucks, Keurig Dr Pepper, and Tata Coffee have supported the hypothesis that a strong rebound in coffee demand is soon due.
Historically, Coffee reached an all time high of 339.86 in April of 1977. Coffee - data, forecasts, historical chart - was last updated on June of 2021.
Coffee is expected to trade at 145.10 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 122.93 in 12 months time.