Canephora futures reach record values, but green stocks are low in Europe

Published 2024년 4월 3일

Tridge summary

A recent report by the European Coffee Federation reveals a significant 41% decrease in green coffee stocks at major European ports compared to last year, with a decline observed in both natural and washed Arabica varieties, while Canephora (Robusta) stocks have seen an increase. This shift in stock levels is occurring alongside a rise in futures prices for Canephora, attributed to a low supply from Vietnam, a major exporter whose coffee exports have increased in value. However, Vietnam is anticipated to experience a 20% reduction in coffee production for the 2023/24 cycle, affecting global market prices and stock availability.

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Original content

Stocks of green coffee in the main European ports registered a drop of 41% compared to 2023 (401.8 thousand tons), reported the European Coffee Federation based on data from storage and port organizations (Antwerp, Hamburg , Le Havre, Barcelona, Trieste, Genoa, Naples, Tallinn, London, Felixstowe and Bremen). Stocks are divided into three categories: Robusta (canephora), natural Arabica (includes Brazilian semi-washed/semi-washed) and washed Arabica. Natural Arabica = 2,102 million bags (- 45.2%) Washed Arabica = 2.69 million bags (-20%) Canephora = 1.9 million bags (+54.2%) At the same time, canephora futures rose to new highs on Tuesday (2), caused by low supply from Vietnam. Reference contract (May delivery) = US$3,663/ton (+US$184) Contract (delivery in July) = US$ 3,590/ton (+ US$ 184) In New York, the main contract (May delivery) rose 595 points to a three-week high of 197.75 cents. Vietnam exported almost 799,000 tons of coffee (US$1.9 billion, from ...

Source: Cafepoint