Coffee: ICO projects a global surplus of 5 million bags in the 2020/21 harvest

Published 2021년 2월 3일

Tridge summary

The International Coffee Organization (ICO) has forecasted a surplus of over 5 million bags in the 2020/21 coffee harvest, an increase from the surplus of around 4 million bags in the previous cycle. The total production for the season is projected to reach 171.89 million bags, marking a 1.9% increase from the previous year. Despite a rise in global coffee consumption to 166.62 million bags, a 1.3% increase, the ICO anticipates limited recovery in demand due to COVID-19 social distancing measures and economic challenges. This surplus and the slow demand recovery are expected to cap any significant increases in coffee prices throughout the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The International Coffee Organization (ICO) projects that the surplus in the 2020/21 harvest of the bean will exceed 5 million bags, exceeding the surplus recorded in the previous cycle, which was more than 4 million bags. The organization projects a production of 171.89 million bags this season, an increase equivalent to 1.9% in relation to the 168.68 million bags of the previous harvest. Coffee consumption was estimated at 166.62 million bags, an increase of 1.3% compared to 164.48 million bags in the past cycle. According to the organization, global demand is expected to have a limited recovery due to the social distance measures caused by the Covid-19 pandemic and the slow recovery of the economy. The ICO also points out that the increase in demand will not be enough to improve the market balance and indicates that this may limit further increases in coffee prices throughout the year. The International Coffee Organization (ICO) projects that the surplus in the 2020/21 harvest ...

Source: CanalRural