Brazil: Coffee outlook in February 2024; Rabobank's monthly analysis highlights record exports and logistical challenges

Published 2024년 2월 16일

Tridge summary

Rabobank's report reveals a record 3.9 million bags of coffee were exported from Brazil in January, marking a 39% increase from the previous year, despite logistical issues. There was a significant 504% growth in conilon/robusta coffee exports due to global supply limitations and increased demand following Red Sea attacks. However, future concerns include continued Red Sea attacks and lack of rainfall in Central America affecting the Panama Canal. The exchange ratio remained unchanged in February, with local average prices for Arabica and Conilon coffee rising in January and February. Despite recent support due to low certified stocks, climate uncertainty, logistical bottlenecks and Red Sea attacks, expected increases in certified stocks in New York and recent rains in Brazil are expected to limit prices.

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

Original content

Rabobank today released its monthly report for February, prepared by specialist Guilherme Morya, market analyst, highlighting important movements in the coffee market in Brazil. Even in the face of persistent logistical bottlenecks at the port of Santos, the country registered a record 3.9 million bags (60kg) exported in January, representing a notable increase of 39% compared to the same period of the previous year. It is important to note the significant 504% growth in exports of conilon/robusta coffee compared to January 2023. In addition to global limitations in the supply of Robusta coffee, the competitiveness of Brazilian conilon and the recent attacks in the Red Sea have boosted demand for this type of coffee. The report highlights future concerns related to continued attacks in the Red Sea and lack of rainfall in Central America, affecting the flow of goods through the Panama Canal. Monitoring these developments is crucial to assess potential impacts on the local logistics ...

Source: Portal Do Agronegocio