Arabica coffee prices in the global market hit their highest since 1972

Published 2024년 11월 27일

Tridge summary

Arabica coffee prices have surged by over 3% in New York trading, reaching $3.22 per pound, the highest since at least 1972, due to concerns about a poor harvest in Brazil. The US Department of Agriculture has reduced its forecast for the Brazilian coffee harvest to 66.4 million standard 60-kilogram bags from 69.9 million, attributing the drop to the driest season since 1981. Costa Rica's coffee production has also been hit by heavy rains, resulting in a national emergency and a loss of about 15% of its annual harvest. Consequently, Arabica coffee prices have increased by approximately 70% in the US, and Robusta by 85% in London since the start of the year.

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Original content

Moscow. November 27. INTERFAX.RU - The price of Arabica coffee continues to rise on fears of a poor harvest in Brazil. Arabica futures prices rose by more than 3% during trading in New York on Wednesday, to $3.22 per pound. This is the highest level since at least 1972, Trading Economics notes. The US Department of Agriculture forecasts that the coffee harvest in Brazil in the 2024-2025 crop year will be 66.4 million standard 60-kilogram bags, while 69.9 million bags were previously expected. At the same time, coffee reserves in Brazil are now estimated at 1.2 million bags at the end of the crop year, which is 26% lower than the figure for the previous season. According to the Cemaden meteorological service, the current season in Brazil is the driest since 1981. In addition, ...

Source: Interfax